Inflation Rate in the Philippines in 2019 Declines to 2.5%


0
40 shares
Inflation rate in the Philippines in 2019

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.

Sources:
(1) https://www.pna.gov.ph/articles/1090263
(2) https://psa.gov.ph/statistics/survey/price/summary-inflation-report-consumer-price-index-2012100-december-2019


Like it? Share with your friends!

0
40 shares
Nath Mindanao

An Agribusiness economist. I scribble more about agriculture, politics and economics.

Comments

comments

Choose A Format
Story
Formatted Text with Embeds and Visuals
Image
Photo or GIF
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Poll
Voting to make decisions or determine opinions
List
The Classic Internet Listicles
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Gif
GIF format