Jan inflation fastest in over 2 yrs at 2.7%

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Philippine headline inflation in January accelerated to its fastest pace in more than two years, hitting 2.7 percent on the back of higher prices of non-food items, government data showed on Tuesday.

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The consumer price index (CPI) showed a big jump from 1.3 percent a year earlier, although it rose only marginally from 2.6 percent in December 2016.

The January rate was the fastest since November 2014, when inflation registered 3.7 percent.

The rise in CPI settled within the 2.3 percent to 3.2 percent range forecast earlier by the Bangko Sentral ng Pilipinas (BSP) for the month.

However, it fell below the 2.8 percent to 2.9 percent range estimated for the month by private analysts polled earlier by The Manila Times.

Excluding food and energy prices, core inflation in the first month of 2017 stayed at 2.5 percent, the same rate posted in the preceding month, but picked up from 1.8 percent a year earlier.

MAYVELIN U. CARABALLO

mc/nt

 

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