(Eagle News)–Headline inflation in the Philippines slowed down further to 7.6 percent in March 2023, the Philippine Statistics Authority said.
According to the PSA, inflation was pegged at 8.6 percent in February 2023.
The inflation rate in the same month in 2022 was at 4 percent.
The PSA said among the 13 commodity groups, the continued downtrend of the overall inflation in March was mainly brought about by the food and non-alcoholic beverages category, which recorded a lower inflation rate of 9.3 percent from the 10.8 percent recorded in the previous month.
This was followed by transport, with an inflation rate of 5.3 percent from the 9.0 percent reported in the previous month.
“The third primary driver of the downtrend of the headline inflation during the month was housing, water, electricity, gas and other fuels, which recorded a 7.6 percent inflation rate from 8.6 percent in February 2023,” the PSA said.
The PSA said other commodity groups that contributed to the downtrend were health and information and communication commodity group.
They registered lower inflation rates during the month at 3.9 percent and 0.7 percent, respectively, compared with their previous month’s inflation rates.
Meanwhile, higher inflation rates were observed in the following:
a. Tobacco and others, 12.2 percent from 11.0 percent;
b. Clothing and footwear, 5.0 percent from 4.8 percent;
c. Recreation, sport and culture, 4.6 percent from 4.4 percent;
d. Restaurants and accommodation services, 8.3 percent from 8.1 percent; and
e. Personal care, and miscellaneous goods and services, 5.6 percent from 5.3 percent.
According to the PSA, the inflation rate in Metro Manila also decelerated to 7.8 percent in March 2023 from 8.7 percent in February 2023.
The inflation rate in areas outside Metro Manila, meanwhile, the PSA said, decelerated further to 7.5 percent in March 2023 from the 8.5 percent reported in February 2023.
