Philippines Inflation Rate Accelerates in March


Consumer prices in Philippines rose 1.1 percent in March of 2016, accelerating from 0.9 percent in February and in line with market consensus. A faster increase in prices of food and non-alcoholic beverages offset a further decline in cost of housing and utilities.

Year-on-year, prices increased for: alcoholic beverages and tobacco (+5.0 percent in March from +4.9 percent in February), recreation and culture (+1.1 percent from +1.0 percent) and restaurant and miscellaneous goods and services (+1.9 percent from +1.5 percent). In contrast, cost declined for housing, water, electricity, gas and other fuels (-1.5 percent from -1.2 percent). While cost of transport remained unchanged, prices were steady for: clothing and footwear (+1.8 percent); furnishing, households equipment and routine maintenance (+1.5 percent), health (+1.9 percent), communication (+0.1 percent) and education (+3.6 percent). Prices of heavily-weighted food and non-alcoholic beverages rose 1.6 percent from 1.5 percent in the previous month. 

Core consumer prices rose 1.5 percent from a year earlier in March, the same pace as in the preceding month.  
For 2016, the country's central bank targeted inflation between 2.0 to 4.0 percent.

On a monthly basis, consumer prices rose 0.1 percent, following a 0.3 percent drop in February. Prices rose for: alcoholic beverages and tobacco (+0.5 percent), clothing and footwear (+0.1 percent), furnishing, households equipment and routine maintenance (+0.1 percent), health (+0.1 percent), transport (+0.8 percent), recreation and culture (+0.1 percent) and restaurant and miscellaneous goods and services (+0.5 percent). In contrast, cost declined for: food and non-alcoholic beverages (-0.3 percent) and housing, water, electricity, gas and other fuels (-0.1 percent). Prices remained unchanged for  communication and education.


Philippines Inflation Rate Accelerates in March


PSA l Rida Husna | rida@tradingeconomics.com
4/5/2016 2:54:07 AM