The Philippine Statistic Authority reports on Tuesday, January 7, the country’s inflation rate increases to 2.9% in December 2024.
Full story: https://www.rappler.com/business/inflation-rate-philippines-december-2024/
Full story: https://www.rappler.com/business/inflation-rate-philippines-december-2024/
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00:00The Philippine Statistic Authority reports on Tuesday, January 7, the country's inflation
00:05rate increases to 2.9% in December 2024.
00:10This puts the full-year inflation rate at 3.2%, within the government's 2 to 4 percent
00:15target range.
00:17This is a notable decrease from the 6 percent average in 2023.
00:21The PSA notes a slowdown for food and non-alcoholic beverages, which decreased by around 44 percent
00:26year-on-year to 4.4 percent.
00:29Price inflation also drops to its lowest level since January 2022 at 0.8 percent.
00:36National statistician Dennis Mapa links the rapid increase to housing, utilities, and
00:40fuel prices.
00:41Key factors include liquefied petroleum gas with 7.8 percent, a 2.4 percent rise in rentals,
00:48and 1.6 percent in electricity prices.
00:52Transport fares also contribute with sea travel inflation soaring to 71.9 percent in December,
00:56up from 17.1 percent in November, largely due to the holiday season.
01:01National Economic and Development Authority Orneda's Secretary Arsenio Balisacan attributes
01:05the 2024 inflation rate to government efforts to manage prices.
01:10Marie cautions about risks from La Niña, affecting the food and water supply.
01:14The Banco Central ng Pilipinas, or BSP, also warns inflation might rise in 2025 due to
01:20potential increases in transport and power rates.