The country’s inflation rate increased to 8.7 percent in January, or the highest in nearly 15 years, due to higher rental, electric and water rates compounded by the continued rise in food and vegetable prices, data released by the Philippine Statistics Authority showed on Tuesday.
The consumer price index or inflation rate rose to 8.7 percent in January this year, the highest since November 2008 and faster than the 8.1 percent inflation in December. The latest inflation figure was higher than the 7.5 to 8.3 percent inflation rate forecast of the Bangko Sentral ng Pilipinas.
CurrentPH News Service
