Inflation, or the rate of increase in the prices of goods and services, dropped to 7.6 percent in March from 8.6 percent in February according to the Philippine Statistics Authority (PSA).
In a report published on April 5, the PSA said March’s inflation is the slowest seen in six months or since the 6.9 percent print in September last year.
The latest figure fell within the Bangko Sentral ng Pilipinas’ forecast of 7.4 t0 8.2 percent for March, but it was still above the central bank’s 2 to 4 percent inflation target.
PSA chief Dennis Mapa, in a media conference, attributed the deceleration to the slower increase of prices of the following commodities and services in March compared to the month prior:
- Food and non-alcoholic beverages (9.3 percent from 10.8 percent)
- Transport (5.3 percent from 9 percent)
- Housing, water, electricity, gas, and other fuels (7.6 percent from 8.6 percent)
Meanwhile, core inflation, which excludes food and energy items given their price volatility, rose to 8 percent in March from 7.8 percent in February.
With this development, President Ferdinand Marcos Jr. vowed his administration will continue to exert efforts to bring down the inflation rate even further.
Unti-unti nang umiigi ang inflation rate sa bansa sa pagbaba nito sa 7.6% para sa buwan ng Marso mula sa 8.6% noong Pebrero.— Bongbong Marcos (@bongbongmarcos) April 5, 2023
Patuloy lamang ang mga inisyatibo ng pamahalaan para sa pagbangon ng ating ekonomiya at nang kalidad ng buhay ng bawat pamilyang Pilipino. pic.twitter.com/V8JMa6KOEN
Thumbnail photo made via Canva