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Philippines: Inflation for low-income households eases in March
MANILA, Philippines — Inflation, as experienced by low-income families, softened in March on the back of slower price increments in food items, the Philippine Statistics Authority reported Tuesday.
At the national level, inflation for the bottom 30% income households eased to 4.6% in March from February’s 5% and 5.8% a year ago.
Year-to-date, price growth experienced by poor families averaged 5.1%.
Inflation for the bottom 30% income segment in the National Capital Region also decelerated to 2.3% in March 2019 from 2.9% in the preceding month. The same trend was recorded in areas outside NCR, where inflation for poor households cooled down to 4.6% last month from 5% in February.
“The main contributor to the downtrend of the country’s inflation was the heavily-weighted food, beverages and tobacco index, which slowed down further to 4.9% during the month,” the PSA said.
“On the other hand, higher annual increments were observed in the indices of clothing at 3.0%; fuel, light and water, 4.2%; and services, 3.7%,” it added.
The consumer price index for the bottom 30% income segment reconfigures the model basket of goods, putting a heavier weight on food, beverage, and tobacco as well as other necessities as these are thought to more accurately capture the spending patterns of the poor.
The Philippines’ headline inflation rate stood at 3.3% in March, slower than 3.8% chalked up in February and 4.3% posted a year ago.
The latest reading — which marked the fifth straight month that soaring prices cooled down — was the lowest inflation rate since January 2018, the PSA said.
Year-to-date, inflation averaged 3.8% — settling within the state’s 2%-4% annual target.
Also on Tuesday, the Bangko Sentral ng Pilipinas said it expects another month of benign inflation in April on the back of falling rice prices and a stronger peso that likely cushioned the impact of high local pump prices and power rates.
The PSA will release the official April inflation data on May 7. — Ian Nicolas Cigaral
Source: https://www.philstar.com/business/2019/05/01/1914111/inflation-low-income-households-eases-march#GT3tr1HvKtIGIMPI.99