The National Economic and Development Authority (NEDA) is pleased with the news that the full-year inflation for 2019 settled at 2.5 percent, which is well within the government target of 2.0 to 4.0 percent.
In a report by the The Philippine Statistics Authority (PSA), the country’s headline inflation for December 2019 further accelerated, as widely expected, to 2.5 percent.
This was mainly driven by the uptick in the prices of both food and non-food items due to the impact of typhoons and rising oil prices recorded during the month.
Rice prices posted softer deflation (-6.8% from -8.3% in November 2019) while inflation rose faster for fish (7.4% from 2.5% in November 2019) and vegetables (8.2% from 1.0% in November 2019).
“The country ended last year with steady inflation but the government must remain vigilant and proactive in managing the impact of potential sources of price pressures this year such as typhoons, continuing presence of African Swine Fever (ASF) in the country, and the heightened conflict in the Middle East.,” Socioeconomic Planning Secretary Ernesto M. Pernia said.
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