The Philippines' inflation rate increased to 3.7% in March due to higher food prices and transportation costs. This marks the second consecutive month of rising inflation after a four-month downtrend.
This is AI generated summarization, which may have errors. For context, always refer to the full article.It is the second month in a row that inflation has risen since being on a downtrend for four straight months
The 3.7% rate reported by the Philippine Statistics Authority on Friday, April 5, is higher than February’s 3.4%, but lower than the 7.6% recorded in March 2023. “Continued price increases of rice and meat along with higher domestic oil prices and electricity rates are the primary sources of upward price pressures for the month. Meanwhile, lower prices of fruits, vegetables, and fish along with the peso appreciation could contribute to downward price pressures,” the BSP said in a press release on Monday, April 1.
With inflation rising, BDO Trust and Investments Group chief investment officer Frederico Ocampo predicts that the BSP will not bring down rates until the latter part of 2024.
Philippines Inflation Rate March Food Prices Transportation Costs Target Range Economy
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