(MENAFN) Philippine saw its yearly inflation increase more than expected in December to hit its highest in seven months, reaching 1.5 percent.
Philippine Statistics Authority (PSA) stated that the reported inflation was mainly due to holiday-related demand in food and beverages as well as fuel prices.
Meanwhile, the Philippine economy has been transitioning from one based upon agriculture to an economy with more emphasis upon services and manufacturing.
"Food is adversely affected by Typhoon Lando and holiday-related demand upsurge, transport by lagged effect of fuel prices," said the Finance department.
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