March inflation in Philippines 3.7%; clothing-footwear inflation 3.6%
10 Apr 24 1 min read
Insights
- Headline inflation in the Philippines increased to 3.7 per cent YoY in March from 3.4 per cent in February.
- This is within the central bank's forecast range of 3.4-4.2 per cent for the month.
- Core inflation decelerated further to 3.4 per cent YoY in March from 3.6 per cent in February.
- Inflation for clothing and footwear rose to 3.6 per cent YoY in March.
The resulting year-to-date average of 3.3 per cent was within the government’s inflation target range of 3 per cent (plus or minus 1 percentage point) for the year.
On a month-on-month seasonally-adjusted basis, headline inflation slowed down to 0.3 per cent in March from 0.9 per cent in the previous month.
Meanwhile, core inflation, which excludes selected volatile food and energy items and measures underlying demand-side price pressures, decelerated further to 3.4 per cent YoY in March from 3.6 per cent in February.
Non-food inflation held steady YoY as higher inflation for transport as well as restaurants and accommodation services was offset by slower inflation for housing, water, electricity, gas and other fuels, BSP said in a release.
Inflation for clothing and footwear increased to 3.6 per cent YoY in March, with the inflation for clothing rising to 3.9 per cent YoY and that for footwear rising to 3.2 per cent YoY.
Fibre2Fashion News Desk (DS)
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