The inflation rate in the Philippines in 2019 declines to 2.5 percent from 5.2 percent in 2018, as the Philippine Statistic Authority revealed the inflation rate in December 2019.
The annual inflation rate settled within the target of the government of 2.0-4.0 percent.
Education recorded 0.2 percent increased in 2019 from a 0.8 percent annual average decline in 2018.
In terms of food prices, higher annual rates were noticed in the indices of the following food groups:
- Fish, 7.4%;
- Milk, cheese and egg, 3.3%
- Vegetables, 8.2
- Food products, not elsewhere classified, 6.3%.
Meanwhile, the price of rice impacted to decline the inflation rate in the Philippines in 2019. Rice declined to 6.8 percent from 8.3.
Further, the inflation rate in December 2019 increased to 2.5 percent. The prices of food and non-food items rose up due to the influenced of typhoons and rising oil prices recorded during the month.
“The recovery and rehabilitation plans for the typhoon-affected areas must be immediately implemented and the production support programs for the affected farmers and fisherfolk must be fast-tracked,” Socioeconomic Planning Secretary Ernesto Pernia said.
“Assisting farmers to shift to high-value, short-maturing, and high-yielding crops; and sustaining biosecurity measures and procedures until the ASF is fully eradicated, are projects to be prioritized to bring back the confidence of pork products’ consumers,” Pernia added.
Among the regions in the Philippines, Region IX (Zamboanga Peninsula) has the lowest annual average inflation (1.0 percent) while MIMAROPA recorded the highest annual average inflation at 3.9 percent.