January inflation steady at 2.9%

Inflation last month remained steady at 2.9 percent as rice prices declined by 2.3 percent, down from an increase of 0.8 percent, the Philippine Statistics Authority said Wednesday.

Clothing and footwear prices were also down by 2.3 percent, compared to 2.4 percent. Prices of housing, water, electricity, gas, and other fuels also declined by 2.2 percent, down from 2.9 percent.

In December, overall inflation accelerated to 2.9 percent, up from 2.5 percent in November, as vegetable prices notably rose due to lower production and disrupted food transport caused by several typhoons.