(Eagle News)–The Philippines’ inflation accelerated to 3.7 percent in March 2024, the Philippine Statistics Authority reported on Friday, April 5.
The PSA said in February, inflation was at 3.4 percent.
The March 2024 inflation rate was, however, lower than the 7.6 percent inflation rate recorded in the same month last year.
The PSA said the uptrend in the overall inflation in March was primarily influenced by the higher year-on-year increase in the heavily-weighted food and non-alcoholic beverages.
From 4.6 percent in February 2024, it rose to 5.6 percent.
The faster annual increases in the indices of transport–at 2.1 percent during the month from 1.2 percent in February 2024—and restaurants and accommodation services–at 5.6 percent from 5.3 percent in the previous month–also contributed to the uptrend.
“Moreover, higher inflation rates were also noted in the indices of health at 3.2 percent and recreation, sport and culture at 3.9 percent during the month from their respective inflation rates of 3.0 percent and 3.8 percent in the previous month,” the PSA said.
The following commodity groups, meanwhile, saw lower inflation rates during the month:
a. Alcoholic beverages and tobacco, 6.7 percent from 8.6 percent;
b. Housing, water, electricity, gas and other fuels, 0.5 percent from 0.9 percent;
c. Furnishings, household equipment and routine household maintenance, 3.2 percent from 3.3 percent; and
d. Personal care, and miscellaneous goods and services, 3.6 percent from 3.8 percent.
The PSA said the rest of the commodity groups retained their February annual rates.
In the National Capital Region, meanwhile, the PSA said inflation also moved at a faster pace, at 3.3 percent from the 3.2 percent recorded in the previous month.
Overall inflation in areas outside NCR also showed an uptrend, at 3.8 percent in March from 3.5 percent in February.
