ILOILO CITY: Consumers are encouraged to tighten their belts as the headline inflation in March accelerated to 3.1 percent, higher than the 2.7 percent in February and 2 percent in January.
‘The main reason was the faster movement on the prices of food and non-alcoholic beverages group with an inflation rate of 5.5 percent and share of 59.3 percent to the uptrend in inflation,’ Nelida Amolar, Chief Statistical Specialist of the Philippine Statistics Authority-Western Visayas, said in a press conference Monday afternoon.
Particularly identified as top indicators were the increase in prices of cereals and cereal products, and meat and other parts of slaughtered land animals, and the slower decline in prices of vegetables.
Based on agricultural data, livestock production was lower during the third quarter of 2023 at 33,000 against the 52,000 posted in 2022.
‘The law of supply and demand. When the production, the supply is low, then the demand will pull the price, so it will be expensive,’ she added.
Also co
ntributing to the 3.1 percent inflation is the 4.8 percent inflation on restaurants and accommodations services and the 2.4 percent inflation rate in transportation.
She, however, stressed that the region ranked third from the lowest compared to the other regions.
The headline inflation also remains low when compared to a year-on-year when the region registered a 9.3 percent rate in March 2023.
She said it means that the peso’s value this year is higher than last year’s.
Source: Philippines News Agency