PHILIPPINES’ INFLATION RATE INCREASES TO 3.7%

According to the Philippine Statistics Authority (PSA), marking its second straight month of acceleration, the Philippines' inflation rate accelerated further in March amid faster increases in food and transportation costs.
As a result, the year-to-date inflation figure is at 3.3%, which is within the 2% to 4% government ceiling. It also fell inside the 3.4% to 4.2% predicted range for the time by the BSP.

Inflation rate in the Philippines rises (Photo courtesy of GMA News)
Once more, rice was the primary offender, with an inflation rate of 24.4%—faster than the 23.7% recorded in February. In addition, this was the grain staple's fastest inflation print in almost 15 years, having reached a high of 24.6% in February 2009.
The Food and Non-Alcoholic Beverages index, which is heavily weighted, had an inflation rate of 5.6% in March, up from 4.6% in February. This was the primary element influencing the overall inflation rise. A total of 76.4% of the month's increase in the inflation rate was attributable to the Food and Non-Alcoholic Beverages index.
The month-over-month increase in inflation in March was also fueled by quicker increases in the Transport index, which rose from 1.2% to 2.1%, and in Restaurants and Accommodation Services, which increased from 5.3% to 5.6%.
Inflation, which gauges the rate of increase in the prices of goods and services, accelerated to 3.7% in March 2024 from 3.4% in February 2024, according to Claire Dennis Mapa, chief statistician and PSA official.
But compared to March 2023, the rate of inflation last month was lower at 7.6%.
Source: James Relativo/Philippine Star
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