𝗠𝗮𝗻𝗶𝗹𝗮, 𝗣𝗵𝗶𝗹𝗶𝗽𝗽𝗶𝗻𝗲𝘀 – The Philippine Statistics Authority (PSA) reported a 2.9% inflation rate for December 2024, marking a slight increase from November’s 2.5%.
However, the rate remains lower compared to the same period last year, when inflation was significantly higher.
Undersecretary Claire Dennis Mapa, National Statistician and Civil Registrar General of the PSA, confirmed the inflation data, which reflects a steady economic condition despite the month-to-month increase.
The 2.9% rate is considered manageable and offers some relief compared to the inflationary pressures felt in December 2023.
The rise in inflation from November to December was largely attributed to price increases in essential goods, such as food and energy.
The main factors contributing to the rise in inflation are food and non-alcoholic beverages, housing, water, electricity, gas and other fuels, as well as restaurants and accommodation services.
Experts are optimistic that this increase can be controlled with proper policy interventions as the government continues to monitor the country’s economic health closely.
While inflation remains within manageable levels, experts are keeping a close watch on the trend, as it could affect consumer spending and economic stability in the coming months.
