Philippine Annual Inflation Eased To 7.6%

Philippine annual inflation eased for a second straight month in March but still remained above target, the statistics agency said on Wednesday, reflecting slower increases in food and transport costs.

The consumer price index rose 7.6 percent in March, below the 8.0 percent forecast in a Reuters poll, and marked the slowest pace of price increase in six months.

But core inflation, which strips out volatile food and fuel items, accelerated to 8.0 percent in March from February’s 7.8 percent, indicating price pressures remain.

The Philippine central bank, which projected inflation to be between 7.4 percent to 8.2 percent in March, raised its benchmark interest rate by 25 basis points to 6.25 percent last month, to bring inflation back to its 2 per cent-4 percent target this year.

The central bank said its future policy moves would be data-dependent.

Source: Reuters

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