The Philippine National Bureau of Statistics announced Thursday that the country’s inflation rate rose to 8.1% in December last year, the highest level since November 2008.
The department attributed this to an increase in the prices of certain food and non-alcoholic beverages by about 10.2%, which was largely influenced by the increase in prices for vegetables, rice, flour, fish, corn and milk.
Last November, the inflation rate was 8%, while the government expects the inflation rate to decline during 2023 to 4.5% before reaching the target level by 2024.
Source: BusinessInquirer
