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Philippines Inflation January 2023

Philippines: Inflation comes in at highest level since November 2008 in January

Inflation rose to 8.7% in January from December’s 8.1%. January’s result marked the highest inflation rate since November 2008. Looking at the details of the release, food, housing and utilities, and clothing and footwear prices rose at a quicker pace in January compared to the previous month.

Accordingly, annual average inflation rose to 6.3% in January (December: 5.8%).

Lastly, consumer prices increased a seasonally adjusted 1.03% in January over the previous month, picking up from December’s 0.30% increase. January’s result marked the highest reading since January 2021.

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