Philippine Statistics Authority reports increased Inflation Rates in March

According to the Philippine Statistics Authority (PSA), Philippine inflation rose to 4% last month, 1% higher than in February.

“The country’s headline inflation accelerated to 4.0% in March 2022, from 3.0% in February 2022,” the PSA said in a statement.

The PSA stated that the inflation in the indices of food and non-alcoholic beverages, housing, water, electricity, gas, fuels, and transport were the main contributors to the inflation increase.

The following are the commodity groups that have higher annual increments:

• Food and non-alcoholic beverages – 2.6%
• Housing, water, electricity, gas, and other fuels – 6.2%
• Transport – 10.3%
• Alcoholic beverages and tobacco – 4.8%
• Furnishings, household equipment, and routine household maintenance – 2.6%
• Information and communication – 0.7%
• Restaurants and accommodation services – 3%

Food inflation, in particular, saw several increases at the national level. The following food groups are reported to have faster annual growth rates:

• Flour, bread, and other bakery products, pasta products, and other cereals – 3.6%
• Meat and other parts of slaughtered land animals – 2.9%
• Fish and other seafood – 4.3%
• Milk, other dairy products, and eggs – 0.8%
• Oils and fats – 9.1%
• Sugar, confectionery, and desserts – 6.2%
• Ready-made food and other food products not elsewhere classified – 2.3%

Following these reports, Malacañang vowed to keep a “tight watch” over the matter.

“Our economic managers continue to keep a tight watch over inflation as it hits 4% in March 2022. They attribute this upward trend in transport, gas, other fuels among others,” acting presidential spokesperson Martin Andanar said in a separate statement.

“Having said this, we will not relax in our efforts and will work twice as hard to address the national issue of higher prices,” he added.

Source: Inquirer