Philippines: Headline inflation down 0.25% m/m (core up 0.4% m/m)

• Apr 11, 2023

The Philippine Statistics Authority (PSA) [link] said that March inflation came in at 7.6% higher y/y (compared to the March 2022 figure), and 0.25% lower m/m (compared to the February 2023 figure). Core inflation was 8.0% higher y/y, and 0.4% higher m/m.

According to the PSA, the slowing rate of price increases in food and transportation were the main factors in the falling headline inflation rate.

Focusing just on the cost of food, the PSA said that the overall food inflation rate was down to 9.5% in March as compared to 11.1% in February.

The biggest decreases in food inflation came from the “oils and fats” category (14.7% rom 17.3%) and “corn” (11.7%from 12.%), but the PSA noted that price inflation for rice increased (2.6% from 2.2%), as did “milk and eggs” (13.6% from 13.1%), “fruits and nuts,” (13.0% from 11.5%), and the “all other foods” category (10.0% from 9.8%).

Source: https://www.philstar.com/business/stock-commentary/2023/04/11/2258072/headline-inflation-down-025-mm-core-04-mm