Fuel prices push inflation to 13-year high

Inflation driven by an increase in fuel prices as well as revised minibus and taxi fares. PIC. THALEFANG CHARLES
Inflation driven by an increase in fuel prices as well as revised minibus and taxi fares. PIC. THALEFANG CHARLES

Inflation rose to 10.6% in January, the highest level since March 2009, driven by an increase in fuel prices as well as revised minibus and taxi fares.

Inflation, which is the rate of increase in the prices of goods and services, was recorded at 8.7% in December 2021.

However, the level of inflation in December did not include an increase in fuel pump prices, which were raised by as much as P1.75 on December 20. Pump prices were raised five times in 2021, pushing inflation to nine-year highs by June.

Editor's Comment
Micro-procurement maze demands urgent reform

Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...

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