Tax hikes implemented at the start of the year jacked up prices of food, oil and “sin” products, resulting in a six-month high inflation rate among poor families in January.
The Philippine Statistics Authority’s report on the consumer price index for bottom 30-percent income households in January showed the rate of increase in prices of basic commodities rose 2.3 percent year-on-year that month, the highest since July last year’s 2.7 percent.
The PSA said prices of food and non-alcoholic beverages, which weighed heavily in the CPI, inched up 0.7 percent last January. Prices of beef, chicken, fish, and vegetables rose last month as a result of the eruption of Taal Volcano, which affected farms in the Calabarzon region.
Also, transport costs increased by 3.5 percent year-on-year, while prices of housing, water, electricity, gas, and other fuels rose 2.7 percent last month.