Inflation up 3.4 percent in February

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Category: Economy

Published on Tuesday, 05 March 2013 21:01

Written by Max V. de Leon / Reporter

The average rate of increase in the prices of goods and services in the country jumped to a five-month high 3.4 percent in February, already above the 3.2-percent full-year inflation rate in 2012.

It was the third straight month that the headline inflation rate went up and was the highest since September 2012 at 3.6 percent.

In November inflation rate was at 2.8 percent, then climbed to 2.9 percent in December, and 3 percent in January.

The National Statistics Office (NSO) said the increase in the February headline inflation rate was triggered the faster annual gain in the heavily weighted food and non-alcoholic beverages index and the double-digit annual increment in alcoholic beverages and tobacco index.

“Higher annual increases in the indices furnishing, household equipment and routine maintenance of the house; communication; and recreation and culture were also noted. Inflation a year ago was 2.7 percent,” the NSO said.

Excluding selected food and energy items, core inflation went up to 3.8 percent in February from 3.6 percent in January.

In the National Capital Region (NCR), inflation rate continued to move at a slower pace.  

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“The transport index still posted negative annual rate. Annual increases in the indices of clothing and footwear; housing, water, electricity, gas and other fuels; health; and restaurant and miscellaneous goods and services
also decelerated during the period,” the statistics office noted.

In Areas Outside NCR (AONCR), NSO said annual inflation picked up to 3.7 percent in February from 3.3 percent in January.

This was due to higher annual uptick in the index of food and non-alcoholic beverages and the double-digit annual growth still registered in the index of alcoholic beverages and tobacco.  “Moreover, higher annual gains in the indices of communication and restaurant and miscellaneous goods and services contributed to the uptrend,” NSO said.