Philippine Inflation Leaps To 4%
The country’s headline inflation accelerated to 4.0 percent in March 2022, from 3.0 percent in February 2022. This brings the national average inflation from January to March 2022 at 3.4 percent. In March 2021, inflation was higher at 4.1 percent.
The increase in the inflation for indices of food and non-alcoholic beverages at 2.6 percent; housing, water, electricity, gas, and other fuels, 6.2 percent; and transport at 10.3 percent contributed largely to the upward trend of the overall inflation during the month.
Higher annual increments were also observed in the following commodity groups:
a. Alcoholic beverages and tobacco, 4.8 percent; b. Furnishings, household equipment and routine household maintenance, 2.6 percent; c. Information and communication, 0.7 percent; and d. Restaurants and accommodation services, 3.0 percent.
Meanwhile, slower annual increases were observed in the indices of health at 2.5 percent; and recreation, sport, and culture at 1.5 percent. The rest of the commodity groups retained their previous month’s annual rates.
Inflation for food rose to 2.8 percent in March 2022, from 1.1 percent in February 2022. In the same month of the previous year, food inflation was observed at 5.6 percent.
At the national level, faster annual growth rates were seen in the following food groups:
a. Flour, bread, and other bakery products, pasta products, and other cereals, 3.6 percent; b. Meat and other parts of slaughtered land animals, 2.9 percent; c. Fish and other seafood, 4.3 percent; d. Milk, other dairy products, and eggs, 0.8 percent; e. Oils and fats, 9.1 percent; f Sugar, confectionery, and desserts, 6.2 percent; and g. Ready-made food and other food products not elsewhere classified, 2.3 percent.
In addition, slower decline were noted in the annual indices of fruits and nuts at -4.0 percent, from -4.9 percent in the previous month; and vegetables, tubers, plantains, cooking bananas and pulses at -0.1 percent, from -8.4 percent.
The rest of the food groups retained their previous month’s growth rates.