JUST IN: Inflation in December 2022 accelerated to a more than 14-year high of 8.1 percent from 8 percent in November on faster increases in the prices of food and non-alcoholic beverages, the Philippine Statistics Authority said Thursday. READ:
faster increases in the prices of food and non-alcoholic beverages, the Philippine Statistics Authority said Thursday.
“This was the fastest inflation since November 2008,” Mapa said, referring to the year when the global financial crisis took place. The faster food inflation was driven by higher prices of vegetables and sugar amid higher input costs and lower production, as weather disturbances in the previous months disrupted farmers’ planting calendar. In addition, the higher demand due to the holiday season pushed inflation up for restaurant and accommodation services at 7.0 percent.
“Executive Order No. 10, s 2022 will continue to provide diversified sources of food and agricultural inputs in the short term. The operational intervention, however, is to ensure food security by boosting food production, improving farm-to-market connectivity, and investing in disaster resilience, climate adaptation measures, and coordination mechanisms,” said Balisacan.
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