The Philippines' overall inflation rate continued its downward trend in April 2023, as it slowed down to 6.6 percent from 7.6 percent in March 2023. Compared to the 4.9 percent inflation rate in April 2022, the average inflation rate from January to April 2023 was 7.9 percent.

Among the 13 commodity groups, the lower inflation rate was mainly driven by food and non-alcoholic beverages, transport, and housing, water, electricity, gas, and other fuels. However, higher inflation rates were observed in alcoholic beverages and tobacco, clothing and footwear, health, recreation, sport and culture, restaurants, and accommodation services, and personal care and miscellaneous goods and services.

The top three commodity groups contributing to the April 2023 overall inflation were food and non-alcoholic beverages, housing, water, electricity, gas, and other fuels, and restaurants and accommodation services.

Meanwhile, food inflation at the national level slowed down to 8.0 percent in April 2023 from 9.5 percent in March 2023. Vegetables, tubers, plantains, cooking bananas, and pulses remained as the primary driver of the lower food inflation rate, followed by fish and other seafood, and meat and other parts of slaughtered land animals.

In terms of contribution to the April 2023 headline inflation, food shared 42.1 percent, while cereals and cereal products, which includes rice, corn, flour, bread and other bakery products, fish and other seafood, and milk, other dairy products, and eggs were the top contributors to food inflation.

The core inflation, which excludes selected food and energy items in the headline inflation, slowed down to 7.9 percent in April 2023 from 8.0 percent in March 2023.