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Philippine inflation quickens further as food costs soar; picks up to 4 7% in February, highest since January 2019

A registered teacher wearing a face mask and shield against Covid-19, gestures in front of a computer as she and dozens other teachers conduct a teleconferencing with stuggling students helping them in their school lessons through online distant learning at a local government-sanctioned online tutorial class in Taguig City, south of Manila on March 3,2021. - AFP MANILA, March 5 (Bloomberg): Inflation in the Philippines continues to gather pace even as the economy struggles to pull itself out of recession. Consumer prices rose 4.7% in February from a year earlier, the statistics agency reported Friday. That’s the fastest pace since December 2018, according to data compiled by Bloomberg, and matched the median forecast in a survey of 21 analysts.

Feb inflation fastest in 25 months

Feb inflation fastest in 25 months
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DOST to implement SETUP 2 to benefit MSMEs

February inflation quickens further to 4 7%, highest in over 2 years

SunStar File March 05, 2021 HEADLINE inflation in February 2021 accelerated further to 4.7 percent, the highest since January 2019, due mainly to elevated prices of food and non-alcoholic beverages. This is higher than the 4.2 percent in January 2021 and 2.6 percent in February 2020, but within the Bangko Sentral ng Pilipinas (BSP) forecast of 4.3 to 5.1 percent. BSP Governor Benjamin Diokno, in a series of Twitter posts, maintained that this is temporary. “The latest outturn is consistent with the BSP’s assessment of a transitory uptick in inflation in H1 2021, reflecting the impact of weather related disturbances, the African Swine Fever on food prices, higher global oil prices, as well as positive based effects,” he said.

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