Metro Manila (CNN Philippines, April 5) — The country’s inflation rate further cooled last month to 7.6%, its lowest yet since September 2022, the Philippine Statistics Authority (PSA) reported on Wednesday.
The rate is slower than the 8.6% posted in February, but is within the 7.4% to 8.2% forecast range of the Bangko Sentral ng Pilipinas (BSP) for the month.According to the BSP, possible upward pressures on inflation include higher electricity rates in Meralco-serviced areas as well as increased prices of other key food items, such as pork, fish, eggs, and rice.During a briefing, National Statistician Dennis Mapa said the March data pushed the average inflation in the first three months of 2023 to 8.3%.
“It’s now going down,” he said. “Starting January, pababa na siya (it has been going down). Ang challenge dito ay (The challenge here is) we want to bring it down further.”
He attributed the dip in inflation to lower prices of food and non-alcoholic beverages, transport and housing, water, electricity, gas, and other fuels.Inflation in Metro Manila also fell to 7.8% from February’s 8.7%, while it dropped to 7.5% in areas outside the capital.Western Visayas had the highest inflation last month, recording a 9.1% rate. The Cordillera Administrative Region, on the other hand, posted the lowest inflation at 5.6%.According to Mapa, 15 regions recorded a drop in the inflation rate in March.However, core inflation, which excludes volatile items like food and energy, continued to increase to 8% from February’s 7.8%.Meanwhile, asked when Filipinos would feel the recent surge in oil prices in the global market, Mapa said that based on early last year’s situation when the Ukraine-Russia war triggered skyrocketing oil prices, the impact was seen in about two months.“Ang effect niya sa price ng gas and diesel, medyo mabilis pero ‘yung isa nating nakita ay ‘yung effect sa transport, ibang commodity groups that are being delivered ay medyo may lag,” he said.
