Philippines Inflation Rate Down to 2.6% in April


The country’s annual headline inflation further slowed down to 2.6 percent in April from 3.2 percent in March, easing to a 13-month low. It resulted from the slower annual increments in all the commodity groups except in the education index. The annual decline still recorded in the transport index also contributed to the downtrend. Inflation a year ago was 3.0 percent.

At the national level, the transport index posted an annual decrease of 0.7 percent in April from 0.5 percent growth in March. The rest of the commodity groups recorded slower annual hikes with the education index retaining its last month’s rate of 4.4 percent.

The Philippines’ annual inflation rate for food alone index slid to 2.1 percent in April from 2.8 percent in March. Annual adjustment in the oils and fats index further dropped by 6.9 percent in April from -5.9 percent in March. Moreover, the rest of the food groups registered slower annual upticks except in the indices of meat, fruits and vegetables.
 
Excluding selected food and energy items, annual core inflation improved to 3.1 percent in April from 3.8 percent in March.
 
Similarly, annual inflation in the National Capital Region (NCR) eased to 1.7 percent in April from 1.9 percent in March. Except in the education index, all the commodity groups posted slower annual hikes with the transport index having a negative rate.
 
Annual inflation rate in Areas Outside NCR (AONCR) likewise decelerated to 2.8 percent in April from 3.6 percent in March. The downtrend was due to the negative annual rate in the transport index and to the lower annual growths in all the commodity groups except in the education index.
 
The month-on-month inflation at the national level increased to 0.2 percent in April from 0.1 percent in March. It resulted from the increases in the prices of food items such as corn, meat, fruits, vegetables and selected condiments and seasonings in most of the regions.  Price hikes in clothing and footwear items, selected construction materials, some items for household operation and higher electricity rates in selected regions were also noted during the month. Contributing to the uptrend were upward adjustments in the prices of alcoholic beverages and tobacco items, medicines and increased charges for medical services in many regions.
 

 


National Statistics Office | Joana Taborda | joana.taborda@tradingeconomics.com
5/7/2013 11:29:57 AM