Inflation in the Philippines broke its four-month deceleration streak, rising to 3.4% in February due to increased costs in food, transport, and utilities, according to the Philippine Statistics Authority (PSA).
National Statistician Claire Dennis Mapa reported the acceleration from January’s 2.8% rate. Despite the uptick, February’s inflation was slower compared to the 8.6% rate a year earlier.
The recent inflation surge ended a streak of four months of deceleration starting in October.
Year-to-date inflation remained within the government’s target range of 2% to 4%, standing at 3.1%.
The February inflation rate aligned with the Bangko Sentral ng Pilipinas’ forecast range of 2.8% to 3.6%.
The main contributor to the faster inflation was the Food and Non-Alcoholic Beverages index, registering a 4.6% increase from the previous month’s 3.5%.
Source: PhilNews24 | March 6, 2024
