MANILA, Feb. 5 (Xinhua) -- The Philippines' annual inflation rate remained at 2.9 percent in January, the same annual growth rate recorded in December 2024, the Philippine Statistics Authority (PSA) said Wednesday.

PSA chief Dennis Mapa told a news conference that the food and non-alcoholic beverages, which registered an inflation rate of 3.8 percent in January, contributed 50.3 percent to the overall inflation during the month.

Other main contributors to the January inflation were housing, water, electricity gas and other fuels, as well as restaurants and accommodation services, said Mapa.

Due to the lingering effects of last year's consecutive typhoons, food inflation at the national level rose to 4 percent in January from 3.5 percent in December 2024.

The index of rice recorded an annual decline of 2.3 percent during the month from a 0.8 percent annual increase in the previous month, the PSA data showed.

On Monday, the Department of Agriculture declared a food security emergency to allow the release and sale of rice buffer stocks from the government-run National Food Authority at lower prices in select government-run stores.

National Economic and Development Authority Secretary Arsenio Balisacan said the government continues to take "proactive steps to make rice prices more affordable."

Balisacan reiterated that reducing food inflation remains one of the government's most pressing priorities.

The state weather bureau has issued an early warning to agencies to remain vigilant about the arrival of typhoons in the first half of the year, noting that four to 10 tropical cyclones are expected to develop from February to July. Enditem

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