THE Philippines' inflation rate in September has slowed down to 1.9 percent, the lowest rate recorded since the 1.6 percent inflation rate logged in May 2020, according to the Philippine Statistics Authority (PSA).
The PSA, in a report on Friday, October 4, 2024, said this brought the national average inflation from January to September 2024 to 3.4 percent.
The latest inflation rate is much lower compared to the 6.1 percent recorded in September 2023.
The recorded inflation rate in August, meanwhile, was 3.3. percent.
The decline in the overall inflation in September was attributed to a slower annual increment in the index of food and non-alcoholic beverages, which dropped to 1.4 percent from 3.9 percent in August, according to the PSA.
PSA noted another factor contributing to the downtrend was transport with a faster year-on-year decrease of 2.4 percent during September from a 0.2 percent annual drop in August.
The PSA also recorded a slower inflation rate for housing, water, electricity, gas, and other fuels at 3.2 percent from 3.8 percent in August. (JJL/SunStar Philippines)