|
By Darwin G. Amojelar Reporter
CONSUMER price increases
accelerated to a 16-month high last month due to costlier oil and
food. The National Statistics Office (NSO) reported that inflation
in February went up to 5.4 percent from 4.9 percent in January as
higher rates were posted in all commodity groups except in fuel,
light and water. Inflation a year ago stood at 2.6 percent.
The February figure was near the
high-end of the Bangko Sentral ng Pilipinas’ (BSP) forecast range
of between 4.8 and 5.5 percent.
The NSO said inflation for food,
beverages and tobacco picked up to 6.8 percent last month, while
clothing and housing and repairs were up by 3.4 percent. Price
increases for services and miscellaneous items likewise sped up to
5.9 and 2.1 percent.
For food alone, prices climbed 7
percent last month from 6.2 percent in January.
The NSO said inflation in rice
went up to 7.7 percent; corn, 5.2 percent; cereal preparations, 9
percent; dairy products, 11.8 percent; eggs, 8.3 percent; fish, 7.9
percent; fruits and vegetables, 11.1 percent; meat, 4.4 percent; and
miscellaneous foods, 4.1 percent.
Inflation in the National Capital
Region increased to 4.1 percent from 3.9 percent in January. “This
was effected by the higher upward adjustments in the annual rates in
all the commodity groups except in [fuel, light and water],” the
NSO said.
The NSO said the lower charges in
electricity rates posted in many regions including Metro Manila
along with the decline in the prices of cooking gas and kerosene
pulled down the fuel, light and water index by one percent.
Higher price increments in all
the commodity groups brought the annual inflation rate in areas
outside Metro Manila to six percent from 5.3 percent in January.
The BSP said the February
inflation rate was expected due to higher prices of petroleum
products and other commodities.
“As I had mentioned before we
are expecting monthly inflation rate to trace a hump-shaped path,”
BSP Gov. Amando M. Tetangco Jr. said in a text message sent to
reporters.
He said the risks to the central
bank’s outlook continue to be driven by oil and commodity prices,
which the BSP expects to taper off toward the latter half of this
year.
“We will continue to monitor
developments to ensure that these assessments remain valid,”
Tetangco said.
The BSP chief had said monthly
inflation until June would rise close to five percent, but the
average forecast for the year would still fall within the middle of
the target range, or four percent.
--With Chino S. Leyco
|
