The Philippine Statistics Authority reported today that the country’s headline inflation rate accelerated to 4.2 percent in January 2021, from 3.5 percent in the previous month. This is the fastest inflation rate in two years since the 4.4 percent inflation recorded in January 2019. Despite the higher inflation rate in January, the National Economic and Development Authority (NEDA) said that the inflation target for this year remains unchanged at 2 to 4 percent.
We started 2020 with a strong foundation and the country was likely to become an upper-middle income country in 2020 if not for COVID-19. Between 2015 and 2018, poverty fell from 23.5 percent to 16.7 percent of the population, lifting six million Filipinos from poverty, or four years ahead of our 2022 target.
Logistics reforms and pro-competition regulations are needed to steer the Philippine economy towards recovery, the National Economic and Development Authority said.
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