The Philippines' headline inflation rose to 8.7% in January 2023, higher than 8.1% in December 2022 and the highest since November 2008, according to the Philippine Statistics Authority (PSA).
Shoppers at a supermarket in Manila, the Philippines (Photo: AFP/VNA)
Hanoi (VNA) - The Philippines' headline inflation rose to 8.7% inJanuary 2023, higher than 8.1% in December 2022 aౠnd the highest since November2008, according to the Philippine Statistics Authority (PSA).
Coreinflation, which excludes selected food and energy items, climbed to 7.4%.
Head of PSA Dennis Mapa said the maindriver in the uptrend of inflation from 8.1% in December 2022 was the higheryear-on-year increase of the index of housing, water, electricity, gas, andother fuels at 8.5%. Prices of food and non-alcoholic beverages alsocontributed to the inflation rate at 10.7%, and restaurants andaccommodation services at 7.6%.
The Philꦇippine government expects inflation to moderate from2023 🎃to 2024, with a slower-than-expected global recovery and waning pent-updomestic demand./.
The Philippines is set to launch a value-added tax (VAT) refund programme for foreign tourists in 2024 to attract more visitors, according to the country’s Presidential Communications Office (PCO).
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Shoppers at a supermarket in Manila, the Philippines (Photo: AFP/VNA) 
