Philippines: Inflation hits over two-year high in February
Consumer prices increased a seasonally-adjusted 0.24% in February over the previous month, coming in below the 1.27% rise seen in January. February’s result marked the softest rise in prices since September 2020. February’s downturn was largely driven by a weaker growth in prices for food and non-alcoholic beverages.
Inflation came in at 4.7% in February, up from January’s 4.2%. February’s result represented the highest inflation rate since December 2018. Meanwhile, the trend pointed up mildly, with annual average inflation coming in at 2.9% in February (January: 2.7%). Core inflation ticked up to 3.5% from January’s 3.4%.