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