PRICES of consumer goods and services continued its accelerated trajectory in the last month of 2022, hitting a fresh 14-year high, 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 8.1 percent in December 2022, faster than the 8.0 percent rate in November 2022 and 3.1 percent in the same month in 2021.
This is the fastest inflation rate since November 2008’s 9.1 percent, according to National Statistician and PSA chief Claire Dennis Mapa.
Last month’s figures also fell within the Bangko Sentral ng Pilipinas’ (BSP) projection range of 7.8 percent to 8.6 percent.
The December print brought the year-to-date average to 5.8 percent, surpassing the government’s ceiling of 2 percent to 4 percent but hitting its assumption for the entire year which took into account higher food and transport costs.
“Ang pangunahing dahilan ng mas mataas na antas ng inflation nitong Disyembre 2022 kaysa noong Nobyembre 2022 ay ang mas mabilis na pagtaas ng presyo ng food and non-alcoholic beverages,” Mapa said.
The PSA chief said the food and non-alcoholic beverages index had a 10.2 percent inflation print and a 38.9 percent share to the overall inflation in the whole country.
“Ang nag-ambag ng malaki sa pagtaas ng inflation ng food and non-alcoholic beverages ay ang mas mabilis na pagtaas ng presyo ng mga vegetables, tubers, cooking bananas at iba pa… partikular ang repolyo, bigas, at fruits and nuts, tulad ng saging,” Mapa said.
In particular, the inflation rate for vegetables, tubers, plantains, cooking bananas, and pulses stood at 32.4 percent.
This is the highest for the index since February 1999, when it hit 44 percent, according to Mapa.
The PSA chief noted that onions, “which is part of the vegetables (group),” contributed about 0.3 percentage point to the overall inflation “same level as rice.”
Late December, the price of red onions jacked up to over P700 per kilo in some Metro Manila markets amid a local supply deficiency of the commodity.
The vegetables group, along with rice (3.4 percent), fruits and (7.6 percent), brought the food inflation to increase to 10.6 percent in December 2022, from 10.3 percent in November 2022.
Other commodities in the food basket which saw faster increments were the following:
* Flour, bread and other bakery products, pasta products, and other cereals, 10.9%
* Milk, other dairy products and eggs, 9.9%
* Sugar, confectionery and desserts, 38.8%
* Ready-made food and other food products not elsewhere classified, 9.4%. (GMA Integrated News)
