Philippines: March sees inflation drop below target
Latest reading: Inflation came in at 1.8% in March, down from February’s 2.1%. March’s figure marked the weakest inflation rate since May 2020 and fell below the Central Bank’s 2.0–4.0% target range for the first time in six months. Looking at the details of the release, price pressures for food—notably rice—clothing and footwear, and hospitality eased and transport costs fell at a sharper pace compared to the prior month, outweighing quicker price growth for housing and utilities.
Annual average inflation edged down to 2.9% in March (February: 3.1%).
Finally, consumer prices rose a seasonally adjusted 0.06% in March over the previous month, accelerating from the 0.04% increase logged in February.