January inflation hits 4.2%, 2-year high
MANILA, Philippines – Inflation rose at its fastest pace in 2 years in January on higher food and beverage prices, the government reported Wednesday, January 5.
The National Statistics Office (NSO) released its latest Summary Inflation Report showing inflation picked up to 4.2% last month from 4.1% in December 2013.
January's figure was the highest since December 2011, when inflation also stood at 4.2%.
The NSO noted that this was caused by "higher annual increment in the heavily-weighted food and non-alcoholic beverages index.” Higher annual growths in a number of indices, namely clothing and footwear, furnishing, household equipment, and house maintenance, as well as health, recreation, and culture growths added to inflation. – Rappler.com