Fuel prices push inflation to 13-year high

Tuesday, February 15, 2022 | 5610 Views |

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.

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