Philippines: Inflation accelerates further in March
April 6, 2017
In March, consumer prices in the Philippines rose 0.2% from the previous month, down from February’s 0.3% increase. The rise mainly reflected higher prices for transport and clothing and footwear.
Inflation was 3.4% in March, marginally up from February’s 3.3% and the highest reading in over two years, while annual average inflation inched up to a 19-month high of 2.3% from the 2.1% figure recorded in February. Annual average inflation is an important indicator as the Central Bank uses it as a guide for monetary policy, with an inflation target for the 2016–2018 period set at 3.0% plus/minus one percentage point.
Core consumer prices, which exclude volatile items such as foodstuffs and oil, rose 0.3% in March from the previous month, matching February’s reading. Finally, core inflation in March was 2.9%, which came in above February’s 2.7% print.