MANILA, Philippines – Prices of goods accelerated at a slower pace in March, but there may still be a long way to go before inflation settles within the government’s desired level.
Inflation in March fell to 7.6%, the Philippine Statistics Authority announced on Wednesday, April 5. The latest figure is lower than theThe Philippines’ economic team is aiming for inflation to go down to 2% to 4%. Estimates, however, point to inflation remaining sticky. For instance, the Asian Development Bank projected inflation in the Philippines would average 6.2% in 2023 before easing to 4% in 2024.
“Local food supply constraints and rising global commodity prices led to high inflation rates in early 2023. Inflation is projected to decelerate in the second half of 2023 and through 2024 as the series of
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