BY CHINO S. LEYCO
The rate of increase in consumer prices soared last month to its highest level in two years amid accelerating prices of food commodities, particularly meat products, and transport, data from the Philippine Statistics Authority (PSA) showed.
The country’s headline inflation rate was registered at 4.7 percent in February, its fastest pace since January 2019. The latest figure also quickened further from 4.2 percent in the previous month and significantly higher compared with 2.6 percent in February 2020.
National Statistician Claire Dennis S. Mapa said on Friday that the uptrend was mainly brought about by the uptick in the inflation of the heavily-weighted food and non-alcoholic beverages at 6.7 percent from 6.1 percent in January.
In particular, prices of meat products jumped by 20.7 percent last month from 17.1 percent in January. Mapa, however, noted that the costs of meat in National Capital Region (NCR) declined due to the government’s price ceiling, but increased in areas outside Metro Manila.
President Duterte had ordered a price cap on pork and chicken meat last Feb. 8 to arrest the accelerating prices due to unscrupulous traders and wholesalers who took advantage of the African Swine Fever (ASF) outbreak.
The government imposed a fixed price for liempo and dressed chicken at R300 and R160 in Metro Manila, respectively.
But in areas outside NCR, Mapa said that prices have increased, settling at P281 per kilo for pork with bone from P262 per kilo in January. Price of pure pork meat also rose to P317 per kilo from P300 per kilo.
Prices of vegetables, likewise, went up by 16.7 percent last month, along with fish which registered an inflation rate of 5.1 percent.
Transport prices also grew last month by 10.4 percent after fare for tricycles skyrocketed by 46.6 percent, while jeepney fare up by 6.3 percent and bus fare increased by 4.6 percent.
