Philippines' Jan 2025 inflation steady at 2.9%, rises to 3.2% in Bicol

The Philippines' inflation rate remained steady at 2.9% for January 2025, the same as December 2024, according to the Philippine Statistics Authority (PSA), but in Bicol, it rose to 3.2 percent from 2.4 percent.

This national figure stays within the government's target range of 2% to 4%, driven by increases in food and non-alcoholic beverages, alcoholic beverages and tobacco, and transport, while other categories saw decreases; however, in Bicol, food and non-alcoholic beverages accounted for 53.4 percent of the inflation increase.

National Economic and Development Authority Secretary Arsenio Balisacan highlighted that stable national inflation reflects the government's commitment to maintaining price stability as outlined in the Philippine Development Plan (PDP) 2023-2028, while PSA-5 statistical specialist Ray Merjilla noted weather disturbances and supply shortages could be reasons for Bicol’s rapid inflation.

Food inflation rose to 4% in January nationally, driven by higher prices for vegetables, fish and seafood, meat products, oils and fats; however, rice prices contracted. In Bicol, tomatoes, pork, rentals, onions, and eggplants were the top five commodities driving inflation.

The PSA noted that core inflation, excluding volatile food prices, slowed to 2.6% nationally down from 2.8% in December, while Department of Agriculture continues measures to mitigate risks from La Niña conditions and potential typhoons.