Philippine inflation hit 14-year high of 8.7% in January

Marcos calls result 'unfortunate'; focus turns to interest rate decision next week

A vegetable vendor tends to her shop at a market in Manila. Rising food prices are contributing to the country's surging headline inflation rate. © Reuters

CLIFF VENZON, Nikkei staff writer

February 7, 2023 12:10 JST

Updated on February 7, 2023 15:31 JST

MANILA -- Inflation in the Philippines accelerated to a new 14-year high of 8.7% in January, driven by rising utility, housing and food costs.

The headline rate -- the fastest recorded since November 2008 -- surpassed the 8.1% logged in December and was well above the 3.0% seen in January last year, the Philippine Statistics Authority said on Tuesday. The figure also exceeded the central bank's forecast of 7.5% to 8.3% for the month.