The inflation rate, which measures the increase in prices of goods within the country, decreased to 1.8% in March, as reported by the Philippine Statistics Authority (PSA).
During a press conference on April 4, PSA Undersecretary Dennis Mapa explained that the reduced inflation rate last month was primarily attributed to a slower increase in food and beverage prices, along with a drop in oil prices during that time.
He highlighted a notable decline in rice prices in March compared to the same month in 2024, with a year-on-year decrease of -7.7 %. This marked the largest percentage drop in rice prices since March 2020, when prices fell by -8.4%.
In addition to rice, meat prices also experienced a reduction, falling to 8.2% in March from 8.8% in February. However, the official acknowledged that meat prices remain elevated due to the ongoing impact of African Swine Fever (ASF).
Transportation costs also saw a decrease due to recent rollbacks.
The average inflation rate from January to March this year was recorded at 2.2%, staying within the government’s target range of 2% to 4%. (ZIA LUNA)
