In a news conference, PSA head Dennis Mapa said the Philippines' average inflation rate for 2022 stood at 5.8 percent, higher than the 2021 average at 3.9 percent.
Mapa attributed the faster December inflation rate to the growth rate in food and non-alcoholic beverages at 10.2 percent, followed by restaurants and accommodation services, 7.0 percent; the housing, water, electricity, gas and other fuels, 7.0 percent.
Socioeconomic Planning Secretary Arsenio Balisacan said faster food inflation is driven by higher prices of vegetables (32.4 percent) and sugar (38.8 percent) amid higher input costs and lower production.
"Weather disturbances in the previous months disrupted farmers' planting calendar," Balisacan said, adding the higher demand due to the holiday season also pushed inflation up for restaurant and accommodation services.
Meanwhile, the PSA said the core inflation, which excludes volatile food and energy items in the headline inflation, rose to 6.9 percent in December.
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