The Philippine Statistics Authority (PSA) reported an inflation rate of 4.9 percent for April 2022, a three-year high, as the country saw numerous spikes in food and energy prices amid the Russia-Ukraine war.
The PSA said the April inflation rate was the highest since January 2019.
According to the PSA, the increase in the country’s inflation was mainly brought about by the higher annual increase in the index for food and non-alcoholic beverages (3.8 percent); transport (13.0 percent); and housing, water, electricity, gas, and other fuels (6.9 percent. )
Higher inflation was also observed in alcoholic beverages and tobacco (5.9 percent); clothing and footwear (2.0 percent); recreation, sport and culture (1.6 percent); and personal care, and miscellaneous goods and services (2.3 percent).
Slower annual increments were observed in the indices of health (2.4 percent) and restaurants and accommodation services (2.8 percent).
Malacañang said the government’s economic team had been “closely monitoring” the increase in the country’s inflation.
“We shall work double time to address the socioeconomic concerns of our people while taming high prices of goods and commodities,” acting Palace spokesman Martin Andanar said. John Ezekiel J. Hirro