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Inflation up 4.2% in Jan. 2021

Republika

Primarily due to faster price upticks of some vegetables and meat products as well as fuel prices, the rate of price increases in the country accelerated for the fourth consecutive month in January to 4.2 percent.


The latest inflation print is the highest after the 3.8 percent in February 2019, National statistician Claire Dennis Mapa said
Core inflation, which excludes volatile food and fuel items, rose to 3.4 percent last January from 3.3 percent in the previous month, he said.


The main driver of upticks in the domestic inflation rate in the past four months is meat, he noted.


“Our assessment here, based on the computations is that if these groups, particularly (the price of) meat, fish, vegetable and fruits will rise further in the coming months there is a higher probability that we’ll be seeing this increase of inflation in the coming months,” he said.


The inflation rate in January last year is slower at 2.9 percent. The government has set a 60-day price cap on pork and chicken prices in Metro Manila starting February 8.


Mapa declined to project the possible impact of this two-month price freeze on the domestic inflation rate, noting that they will gather information on price developments nationwide starting in the middle of this month.

Photo by PNA


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