THE PHILIPPINE Statistics Authority (PSA) XI noted a stable inflation rate of 4.8% in March 2024, from 4.8% in February 2024. The average inflation from January to March 2024 was at 4.7%.
During the online report conducted on Apr. 12, Randolph Anthony Gales, PSA XI Chief Statistical Specialist Officer-in-charge, said the major contributor to the region’s overall inflation in March 2024 was the commodity group of Food and Non-Alcoholic Beverages at 8.5% from 8.1% in the previous month.
“Additionally, the commodity groups of Restaurants and Accommodation Services at 6.8 percent, and Transport at 3.5 percent, were also the main contributors to the region’s overall inflation,” Gales added.
Meanwhile, PSA XI observed that the three commodity groups showed faster annual increments, namely Food and Non-Alcoholic Beverages (8.5% from 8.1%), Furnishings, Household Equipment, and Routine Household Maintenance (4.6% from 4.3%), and Transport (3.5% from 3.0%).
Lower annual increments were noted with the following commodity groups during the month, such as Alcoholic Beverages and Tobacco, Clothing and Footwear, Housing, Water, Electricity, Gas, and Fuels, Information and Communication, Recreation, Sport, and Culture, Restaurants and Accommodation Services.
The report also showed that the following commodity groups of Health (4.4%), Education Services (4.0%), Financial Services (-0.1%), Personal Care, and Miscellaneous Goods and Services (4.7%) retained their previous month’s inflation rate.
Among the 17 administrative regions, BARMM (Bangsamoro Autonomous Region in Muslim Mindanao) had the highest inflation at 5.0% followed by Region III (Central Luzon) and Region XI (Davao Region) both at 4.8%. Region I (Ilocos Region) had the lowest inflation at 2.2%.
