MANILA, Philippines – Inflation climbed to a 26-month high of 4.7 percent year-on-year in February as food costs, especially of meat and fish, remained elevated even as pork prices eased in Metro Manila due to the ongoing price cap to the detriment of consumers elsewhere in the country who shouldered more expensive products.
The rate of increase in prices of basic commodities last month was the highest since the 5.1 percent recorded in December 2018, Philippine Statistics Authority (PSA) data released Friday showed. During the first two months, headline inflation averaged 4.5 percent, above the 2-4 percent target range.
Among the poor belonging to the bottom 30-percent income house…
Keep on reading: Expensive food lifted inflation to 26-month high of 4.7% in February