Inflation slows to 3%; CV rate lowest in PH

THE country’s headline inflation rate decelerated further in April, as prices of food and non-alcoholic beverages continued to slow down, the Philippine Statistics Authority (PSA) reported Tuesday, May 7.

Inflation, which measures the rate of increase in the average prices of a basket of selected goods and services, slowed down for the sixth straight month to 3.0 percent in April, slower than the 3.3 percent in March and 4.5 percent a year ago.

“The slowdown was mainly brought about by the slower annual increase in the heavily weighted food and non-beverages and non-alcoholic beverages at 3.0 percent,” the PSA said.

April’s inflation rate fell within the Bangko Sentral ng Pilipinas’s forecast of 2.7 percent to 3.5 percent for the month.

The lowest inflation among the regions during the month was observed in Central Visayas at 1.3 percent, from 2.2 percent the previous month.

Inflation was highest in alcoholic beverages and tobacco at 3.4 percent, but this still declined from 4.4 percent. Inflation in food and non-alcoholic beverages stood at 1.5 percent from 3.1 percent in March.

Housing, water, electricity, gas and fuels also slowed to 1.3 percent from 3.2 percent the month prior.

The highest rate remained in Mimaropa at 4.6 percent.

In a statement, Presidential spokesperson Salvador Panelo said the Palace was “happy” that inflation cooled further in April.

He assured that the country’s economic team will continue looking for ways to further ease inflation.

“We give credit to the President’s strong political will and decisive action in addressing this national issue. We are confident that inflation will continue to ease by the end of the year,” the Palace official said.

Panelo said the latest inflation rate merely proved the success of Duterte’s economic policies. /