Philippines Inflation Rate Slows to 15-Month Low of 3.3%
The Philippines' annual inflation rate eased to 3.3 percent in March of 2019 from 3.8 percent in the previous month and below market expectations of 3.5 percent. It was the lowest inflation rate since December 2017, mainly due to a slowdown in cost of food and non-alcoholic beverages and housing and utilities
4/5/2019 9:45:16 AM
The central bank set an inflation target range of between 2 to 4 percent from 2018 to 2020.
, prices of food and non-alcoholic beverages increased by 3.4 percent in March, slowing from a 4.7 percent rise in February and reaching its lowest in 16 months. In addition, cost rose at a softer rate for housing, water, electricity, gas and other fuels (3.4 percent vs 3.7 percent); health (3.9 percent vs 4.2 percent); communication (0.3 percent vs 0.4 percent); furnishing, household equipment and routine maintenance (3.4 percent vs 3.8 percent); restaurants and miscellaneous goods and services (3.7 percent vs 4 percent); and alcoholic beverages and tobacco (10.8 percent vs 12.2 percent in February). Also, cost of education continued to fall (-3.8 percent, the same as in February). In contrast, cost rose further for transport (3.3 percent vs 1.2 percent) and clothing and footwear (2.5 percent vs 2.4 percent) and inflation was steady for recreation and culture (at 3.1 percent, the same as in February).
On a monthly basis, consumer prices rose by 0.1 percent in March, the same as in a month earlier and marking the third straight month of rise. Cost went up for alcoholic beverages and tobacco (0.4 percent); clothing and footwear (0.3 percent); housing, water, electricity, gas and other fuels (0.3 percent); furnishing, household equipment and routine maintenance (0.2 percent); health (0.2 percent); transport (1.8 percent); recreation and culture (0.2 percent); and restaurants and miscellaneous goods and services (0.3 percent). Conversely, prices fell for food and non-alcoholic beverages (-0.2 percent) and education (-0.1 percent).