PH inflation blows past expectations, soars to 8.7% in January 2023
PH inflation blows past expectations, soars to 8.7% in January 2023
By Ralf Rivas
Rappler
MANILA, Philippines – Contrary to government officials’ and economists’ expectations, the Philippines’ inflation rate spiked to 8.7% in January 2023 instead of slowing down.
The Philippine Statistics Authority reported on Tuesday, February 7, that the January figure is the highest since November 2008’s 9.1%.
It is also nearly triple the 3% posted in January 2022, showing just how high prices have gone up in a year.
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