Bangko Sentral ng Pilipinas declared that the Philippines’ inflation rate as of December 2013 has increased, playing around 3.8% to 4.7%. This is the fastest increase in two years from 3.3% in November 2013 after the wreaking havoc of super typhoon Yolanda or Haiyan.
Due to the damage done by super typhoon Yolanda, which resulted to billions of damaged crops, livestock, fisheries, and more businesses, Bangko Sentral Governor Amando Tetangco Jr projected that inflation rate will spike up for the following months, at the end of 2013 and moving towards 2014.
It is expected that gas, food, electricity, and other prices will upsurge. But Bangko Sentral ng Pilipinas will be on alert to ensure that prices will maintain stability.
This increase in inflation rate, however, is still within the target of the government of the Philippines of 3% to 5%.