Inflation for poorest households accelerates in March

MANILA, Philippines — Consumer prices for the country’s poorest households accelerated in March because of higher food prices, the Philippine Statistics Authority (PSA) reported.

The consumer price index for the bottom 30 percent income households rose to 2.4 percent in March from 2.1 percent in February, bringing the year-to-date average to 2.2 percent.

The uptrend in the headline rate was attributed to faster growth in the heavily weighted food and non-alcoholic beverages index.

In particular, faster growth was seen in the indexes of fish; milk, cheese and egg; oils and fats, and fruits.

Faster growth was also seen in the indexes of health, and recreation and culture.

Flat growth was seen in consumer prices for Metro Manila’s poorest households at 1.9 percent in March, the same as in February.

Food and non-alcoholic beverages; alcoholic beverages and tobacco; clothing and footwear; as well as recreation and culture saw faster growth. This, however, was offset by slower annual growth in the indexes of furnishing, household equipment and routine maintenance of the house, health; housing and utilities, transport communication.

 Meanwhile, zero growth was seen in the indexes of restaurants and miscellaneous services.

Consumer prices grew faster for poor households in areas outside NCR at 2.4 percent in March from 2.1 percent in February.

Faster growth was seen in the prices of food and non-alcoholic beverages, health as well as recreation and culture.