Gov't vigilant on inflation risks despite uptick

The government remains vigilant against risks to inflation after consumer prices rose to an eight-month high of 2.9% in January.

Higher oil and food prices pushed up the inflation rate, which was 2.5% in December and 4.4% in January last year.

Despite the uptick, several economists remain confident that the Philippines will maintain within-target inflation rates for 2020.

ING Bank Manila senior economist Nicholas Mapa attributes the faster rate of price increases to food supply disruptions caused by Typhoons and the Taal Volcano eruption.

Food inflation rose to 2.9% last month from 2.5% in December, accounting for a significant portion of the consumer price index basket.