January inflation hits 4.2%, fastest since Jan 2019

Consumer prices rose to their fastest rate in two years, hitting 4.2% in January due to increased food and transport costs.

The Philippine Statistics Authority reported that inflation was higher than the Bangko Sentral ng Pilipinas' forecast range of 3.3-4.1%.

PSA chief Claire Dennis Mapa attributed the uptick primarily to faster price increases for food and non-alcoholic beverages.

BSP Governor Benjamin Diokno said the projected uptrend in inflation is temporary and can be tempered through non-monetary policies.