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Philippines Inflation March 2024

Philippines: Inflation comes in at highest level since December 2023 in March

Inflation came in at 3.7% in March, up from February’s 3.4%. March’s figure marked the highest inflation rate since December 2023. Looking at the details of the release, prices for food and non-alcoholic beverages increased at a faster rate in March as rice costs rose at the quickest pace since 2009. Prices for transports and restaurants also fueled March’s uptick. Meanwhile, core inflation, excluding food and energy items, moderated in the month.

Annual average inflation fell to 4.7% in March (February: 5.1%).

Lastly, consumer prices rose a seasonally adjusted 0.33% over the previous month in March, which was below the 0.93% rise seen in February.

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