Philippines Inflation Rate Accelerates in January

In January of 2014, Philippines annual inflation rate rose to 4.2 percent, up from 4.1 percent recorded in December and closer to the upper end of the central bank's 3.4 to 4.3 percent estimate for the month.
Bankgo Sentral NG Pilipinas | Joana Taborda | 2/5/2014 11:42:26 AM
The slightly higher January headline inflation rate was traced mainly to higher prices of food and selected non-food items. 

Food inflation increased (5.5 percent from 4.8 percent in December) as key food items particularly rice, meat, fish, milk, oils, vegetables, and sugar, posted higher prices due to some tightness in domestic supply conditions triggered by recent weather-related production disruptions. 

The recent upward trend in inflation therefore appears to stem mainly from supply shocks, the impact of which are expected to be transitory. Non-food inflation also rose as a result of higher prices of clothing and footwear (4.9 percent), furnishing and household equipment (4.9 percent) and health-related products (3.7 percent).

Core inflation, which excludes certain food and energy items, was steady at 3.2 percent. 

Seasonally-adjusted month-on-month headline inflation decelerated slightly to 0.5 percent in January from 0.6 percent in the previous month.

Philippines Inflation Rate Accelerates in January