The increase in rent and food items such as onions cause inflation to surge to 8.7 percent in January, according to the Philippine Statistics Authority (PSA). Know more:
The increase in rent and food items such as onions cause inflation to surge to 8.7 percent in January, according to the Philippine Statistics Authority .
Core inflation, which excludes certain highly volatile food and non-food items, posted a 7.4 percent growth. Mapa said this inflation rate was the highest since April 1999 when inflation reached 7.6 percent. In order to address inflation, National Economic and Development Authority Secretary Arsenio M. Balisacan said the government has identified measures to keep food price movements consistent with the government’s inflation and food security objectives.
In the medium to long term, the priority consists of ensuring food security through higher agricultural productivity and ensuring energy security by pursuing the energy transition and development program.
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