Inflation accelerates to 3.7% in March

MANILA, Philippines — The increase in the prices of goods and services in the country accelerated for the second straight month in March on the back of faster upticks in food and transport costs, the Philippine Statistics Authority reported yesterday.

Rice inflation climbed to 24.4 percent in March from 23.7 percent in February and was the fastest since the 24.6 percent in February 2009. Also contributing to the higher food inflation was meat, which increased to two percent in March from the previous month’s 0.7 percent. Diwa Guinigundo, former BSP deputy governor and now country analyst at GlobalSource Partners, said in a brief that the higher inflation in March was expected because there has been little progress in ensuring sufficient food supply in the country, even with monetary policy remaining tight.

The National Economic and Development Authority said the government remains committed to ensuring enough food and energy supplies, while proactively addressing price fluctuations as El Niño conditions persist and La Niña is likely to pose a threat in the latter half of the year. To help ease the burden of high electricity costs, the NEDA said eligible consumers could receive a 100 percent discount on their monthly bills through the government’s Lifeline Rate program, which has already registered 4.9 percent of the 4.6 million Pantawid Pamilyang Pilipino Program beneficiaries as of January this year.

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