January inflation surges to 2-year high at 4.2%

January's inflation surged to a two-year high of 4.2 percent, driven by rising food prices, especially pork and vegetables.

The rate is above the government’s target range of 2 to 4 percent for 2021 and worse for poor households who experienced an inflation rate of 4.9 percent.

Bangko Sentral ng Pilipinas (BSP) said the spike was temporary due to supply-side pressures like African Swine Fever, weather disturbances, higher global oil prices, and base effects from low inflation in January last year.