(Eagle News)–Inflation eased further to 3.9 percent in December 2023, the lowest for the year, according to the Philippine Statistics Authority.
The PSA said this was 0.2 lower than the 4.1 percent recorded in November 2023, and 4.2 percent lower than the 8.1 percent recorded in December 2022.
The downtrend in the overall inflation in December 2023, the PSA said, was mainly brought about by the lower year-on-year growth in the index of housing, water, electricity, gas and other fuels—at 1.5 percent in December 2023, down from the 2.5 percent recorded in the previous month.
This was followed by food and non-alcoholic beverages with a 5.4 percent inflation recorded during the month from 5.7 percent in November 2023.
Lower annual increments were also noted in the indices of the following commodity groups:
a. Clothing and footwear, 4.2 percent from 4.3 percent;
b. Furnishing, household equipment and routine household maintenance, 4.5 percent from 4.7 percent;
c. Health, 3.7 percent from 3.8 percent;
d. Information and communication, 0.5 percent from 0.6 percent;
e. Recreation, sport and culture, 4.2 percent from 4.9 percent; and
f. Personal care, and miscellaneous goods and services, 4.6 percent from 4.8 percent.
The PSA said the indices of the remaining commodity groups retained their annual rates from the previous month.