# Government sees inflation's peak as it misses target for second straight year | Philstar.com

> The Philippines' consumer price inflation hit 8.1% year-on-year in December 2022, the fastest since 2008, and averaged 5.8% for the year, above the central bank's 2-4% target. Food prices, including rice up 3.4%, drove the December rise amid a weak peso and expensive fuel.

- Date: 2023-01-05 · published 2023-01-05T12:00:00.000Z
- Category: macro · region Philippines · magnitude low
- Page: https://feedsoft.ai/events/12192-government-sees-inflation-s-peak-as-it-misses-target-for-second-straight-year
- Commodities: [Rough Rice](https://feedsoft.ai/c/RICE.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A weak peso and high fuel costs raise the landed cost of imported feed grains and meal in the Philippines. Central bank rate hikes may slow demand over time.

## Read by commodity

- WTI: bullish ▲
- RICE: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| RICE | 2017-08-09 | [India rice shipments slow as stronger rupee lifts export prices \| India rice shipments slow as stronger rupee lifts export prices](https://feedsoft.ai/events/69410-india-rice-shipments-slow-as-stronger-rupee-lifts-export-prices-india-rice.md) | +0.8% | +2.6% |
| RICE | 2019-03-22 | [Strong rupee pushes rice prices to seven-month high, dampening exports \| Commodity - Food & Edible Oils - Business Standard](https://feedsoft.ai/events/60167-strong-rupee-pushes-rice-prices-to-seven-month-high-dampening-exports-commodity.md) | -1.6% | -6.0% |
| RICE | 2022-06-23 | [Wild 2022 in grain markets sparks 2008 comparisons \| Reuters](https://feedsoft.ai/events/40978-wild-2022-in-grain-markets-sparks-2008-comparisons-reuters.md) | +0.8% | +4.1% |
| RICE | 2019-06-28 | [Strong baht sends jitters through Thai export sector \| Thai PBS World](https://feedsoft.ai/events/58867-strong-baht-sends-jitters-through-thai-export-sector-thai-pbs-world.md) | +0.6% | +9.5% |
| RICE | 2019-10-21 | [Strong baht sends jitters through Thai export sector – Customs Today Newspaper](https://feedsoft.ai/events/56854-strong-baht-sends-jitters-through-thai-export-sector-customs-today-newspaper.md) | -0.9% | -0.2% |
| WTI | 2026-03-18 | [Gold Tumbles as Powell’s Inflation Concerns Dash Easing Bets](https://feedsoft.ai/events/20074-gold-tumbles-as-powell-s-inflation-concerns-dash-easing-bets.md) | -3.3% | -3.8% |
| WTI | 2021-05-12 | [Canadian dollar notches 6-year high as U.S. inflation jumps](https://feedsoft.ai/events/47331-canadian-dollar-notches-6-year-high-as-u-s-inflation-jumps.md) | +0.3% | +7.1% |
| WTI | 2023-01-03 | [How Consumers and Businesses are Reacting to Food Price Inflation - Euromonitor.com](https://feedsoft.ai/events/12190-how-consumers-and-businesses-are-reacting-to-food-price-inflation-euromonitor.md) | -6.9% | -1.6% |

## Sources

- philstar.com: https://www.philstar.com/business/2023/01/05/2235504/government-sees-inflations-peak-it-misses-target-second-straight-year

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.