THE Philippine Statistics Authority said that the country’s inflation accelerated in March.
This marked the second straight month that it occurred, with the faster rise in food and transportation costs.
According to National Statistician and PSA chief Claire Dennis Mapa, the inflation —which measures the rate of increase in the prices of goods and services— has hastened to a 3.7% indicator in March 2024.
This is higher than the 3.4% in February 2024.
But the inflation last month is slower than the 7.6% rate seen in March 2023.
The new inflation rate had brought the year-to-date inflation print at 3.3%, falling within the government’s ceiling of 2% to 4%.
Likewise, the rate fell within the BSP’s 3.4% to 4.2% forecast range.
According to Mapa, among the main factor that influenced the overall inflation uptrend in March included the Food and Non-Alcoholic Beverages index which saw an inflation rate of 5.6% from 4.6% in February.
The Food and Non-Alcoholic Beverages index contributed 76.4% to the overall inflation rate increase for the month.
It has been recorded that there is a faster uptick in the Transport index at 2.1% from 1.2% month-on-month.
Restaurants and Accommodation Services also increased 5.6% from 5.3% a month earlier also contributed to March’s inflation uptrend.
The food inflation —which tracks price movements in a “basket” of foods commonly purchased by households— accelerated to 5.7% from 4.8% in February.
The main reason is still rice which has an inflation rate of 24.4%, faster than 23.7% in February.
Meanwhile, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said that the agency is "closely monitoring weather conditions and their effects on the supply of key commodities."
"To ensure sufficient water supply and support our farmers during the dry season, the Department of Environment and Natural Resources has been tasked with monitoring water supply in the country. Simultaneously, the Department of Agriculture (DA) is proactively extending assistance to farmers adversely affected by the drought," added Balisacan.
