outbrain
Close  

Palace: December inflation hike not a cause for alarm

By: - Reporter / @KAguilarINQ
/ 11:05 AM January 07, 2020

MANILA, Philippines — The uptick in the country’s December inflation rate should not be a cause for alarm, Malacañang has assured on Tuesday.

The Palace issued the statement after inflation, or the rate of prices of basic commodities rose to 2.5 percent in December from 1.3 percent in November.

ADVERTISEMENT

Palace spokesman Salvador Panelo said the inflation hike is attributed to the recent typhoons that struck the country and the rising price of oil.

“Per the National Economic and Development Authority, the acceleration of inflation to 2.5% was mainly driven by an uptick in the prices of both food and non-food items due to the impact of typhoons and rising oil prices observed during the month of December,” Panelo said in a statement.

FEATURED STORIES

Panelo added the inflation rate “remains well within our target range of 2% to 4%.”

Edited by MUF
Read Next
EDITORS' PICK
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: inflation rate, Malacañang, Palace
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.