Philippines: Inflation edges up in March
April 5, 2016
In March, consumer prices rose 0.1% over the previous month, contrasting February’s 0.3% drop. The increase mainly reflected slightly higher prices for restaurants and miscellaneous goods and services.
Inflation edged up from February’s four-month low of 0.9% to 1.1% in March. Meanwhile, annual average inflation, which is the reference rate used by the Central Bank as a guide for monetary policy, inched down from 1.2% in February to 1.1% in March, marking a new record low. As a result, average inflation remained below the Central Bank’s inflation target range of 2.0% to 4.0% for a sixth consecutive month.
Core consumer prices, which exclude volatile items such as food and oil, rose 0.1% in March over the previous month, matching February’s reading. Finally, core inflation inched down to 1.8% from 1.9% in February.