Inflation averaged 2.8% in 2019, one of the largest gains in eleven years. Price increases were larger only in the year 2012 at 3.3%.
That was the average. Services grew on average 3.7% in 2019. The sector seeing the largest increase was housing, which varies greatly by geography. Food and beverages also saw large pricing increases. Some highlights were pork prices jumping 17.4%, Sugar jumping 17.9% and smoked meats increasing 9.7% during 2019. On the other hand clothes and shoes saw average price decreases.
The new year will prove no relief. With sin tax increases taking into effect for alcohol and cigarettes, the new year will start off with price jumps. These price increases will be on the back of a planned 30% surge in refuse management charges, water and sewer rate increases, and increased petrol prices. Rents and food prices are expected to continue their upwards trajectory.
