THE country’s headline inflation has slightly accelerated in March 2024, as it clocked in at 3.7 percent, from 3.4 percent in February.
Philippine Statistics Authority director Undersecretary Dennis Mapa said in a statement that the uptrend in the overall inflation in March 2024 was primarily due to the higher year-on-year increase in the heavily weighted food and non-alcoholic beverages, which stood at 5.6 percent during the month from 4.6 percent in February 2024.
March 2024 inflation has brought the national average for the first quarter of the year to 3.3 percent.
Mapa said the indices of transport and restaurants and accommodation services also recorded faster annual increases, contributing to the uptrend.
He said transport inflation was recorded at 2.1 percent in March 2024 from 1.2 percent in the previous month, while restaurants and accommodation services went up to 5.6 percent from 5.3 percent.
Food and non-alcoholic beverages, restaurants and accommodation services and transport were the top three contributors in the March 2024 headline inflation with 2.1, .5 and .2 percentage points share, respectively.
Higher inflation rates were also noted in the indices of health at 3.2 percent and recreation, sport and culture at 3.9 percent.
Alcoholic beverages and tobacco; housing, water, electricity, gas and other fuels; furnishings, household equipment and routine household maintenance; and personal care, and miscellaneous goods and services also registered lower inflation during the month. (TPM/SunStar Philippines)