Inflation uptick in December not a cause for alarm, Palace says

January 7, 2020

Malacanang said on Tuesday that higher inflation rate in December should not alarm the public.

Presidential Spokesperson Salvador Panelo made the statement after inflation rose to 2.5 percent last December from 1.3 percent in November.

"The uptick in inflation rate in December 2019 to 2.5 percent from November 2019's 1.3 percent should not be a cause for alarm," he said.

Panelo said the recent inflation rate was within the 2-4 percent target range last year.

Citing the Philippine Statistics Authority, he said the increase in inflation last December was mainly driven by the uptick in prices of food and non-food items due to impact of typhoons and rising oil prices.

Panelo assured that the economic managers continue to keep a tight watch over inflation amid emerging global threats.

"We consider high inflation, which peaked at 6.7 percent in 2018, as a thing of the past," he added. Celerina Monte/DMS