Annual inflation in Philippines remains at over 14-year high

Annual inflation in Philippines remains at over 14-year high

Country's annual inflation at 8.1% in December, up from 8% in November

By Gokhan Ergocun

ISTANBUL (AA) - The annual inflation rate in the Philippines rose to 8.1% in December, remaining at the highest level since November 2008, said the country's statistical authority on Thursday.

The rate was 8% in November and 3.1% in December 2021, the Philippine Statistics Authority said, adding that the surge was mainly driven by price increases in food and non-alcoholic beverages.

"On the contrary, lower annual increase was observed in the transport index at 11.7 percent in December 2022, from 12.3 percent in November 2022," it added.

The average inflation this year stood at 5.8%, higher than the government’s 2% to 4% target.

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