PRICES of consumer goods and services continued its accelerated trajectory in the first month of 2023, hitting a fresh record as food prices remain elevated during the period, data released by the Philippine Statistics Authority (PSA) yesterday showed.
Inflation, or the rate of increase in the prices of goods and services, clocked in at 8.7 percent in January 2023, the fastest since the 9.1 percent recorded in November 2008, said National Statistician and PSA chief Claire Dennis Mapa at a press briefing.
The 8.7 percent January 2023 inflation rate is higher compared to the 8.1 percent recorded in December 2022 and 3 percent recorded in January 2022, he added.
“Ang pangunahing sanhi ng mas mataas na antas ng inflation nitong Enero 2023 kumpara noong Disyembre 2022 ay ang mas mabilis na pagtaas ng presyo ng housing, water, electricity, gas and other fuels,” said Mapa.
Electricity and vegetables, particularly onions, were the top contributors to January inflation, each accounting for 1.1 percentage points (ppt), PSA data showed.
Restaurant services and house rentals also accelerated and contributed 0.7 and 0.6 ppt, respectively, while public and private transport contributed a total of 1.0 ppt.
Other key agricultural commodities such as meat and fish contributed a total of 0.8 ppt, while processed food commodities such as sugar and bread and other cereals contributed a total of 0.7 ppt to total inflation.
The Bangko Sentral ng Pilipinas (BSP) earlier said inflation is expected to remain elevated in January despite the projected deceleration from the 14-year high in December due to the higher prices of utilities and commodities.
The central bank projected the January 2023 inflation to fall within 7.5 percent to 8.3 percent.
To ease the upward prices, the National Economic and Development Authority (NEDA) said the government will prioritize higher agricultural productivity, food supply augmentation, and energy security.
NEDA secretary Arsenio Balisacan said they are working with other agencies for timely and efficient implementation of the strategies and programs under the PDP, particularly for agriculture, agribusiness, and energy security. (GMA Integrated News)
