NATIONAL
Advocates Philippines
March 2024 Inflation Inches Up To 3.7%; Food Prices Drive Uptrend
Photo credit: PCO
Recent data released by the Philippine Statistics Authority indicates a slight uptick in headline inflation for March 2024, rising to 3.7 percent from 3.4 percent in the previous month.
However, despite this increase, the national average inflation for the first quarter of 2024 stands at 3.3 percent, marking a significant decrease from the 7.6 percent recorded in March 2023.
The surge in overall inflation is attributed to notable increases in several key sectors, particularly in food and non-alcoholic beverages, which experienced a year-on-year rise of 5.6 percent in March 2024. Other sectors contributing to the uptrend include transport and restaurants and accommodation services.
However, certain commodity groups such as alcoholic beverages and tobacco, housing, and personal care experienced lower inflation rates.
The top three commodity groups contributing to the overall inflation were food and non-alcoholic beverages, restaurants and accommodation services, and transport, indicating their significant impact on the economy.
Food inflation, in particular, rose to 5.7 percent in March 2024, with notable contributions from various sub-sectors. Core inflation, excluding selected food and energy items, slowed down to 3.4 percent in March 2024 from 3.6 percent in the previous month.
Inflation in the National Capital Region (NCR) moved at a faster pace at 3.3 percent in March 2024, driven primarily by increases in food and non-alcoholic beverages and the transport sector. Similarly, the overall inflation in Areas Outside the National Capital Region (AONCR) also showed an uptrend at 3.8 percent in March 2024. Variations in inflation rates were observed across different regions in AONCR, with the Bangsamoro Autonomous Region in Muslim Mindanao recording the highest inflation rate and Region I (Ilocos Region) registering the lowest.
These trends underscore a nuanced economic landscape with significant fluctuations in inflation across various sectors and regions, emphasizing the complexity of managing price stability in the Philippines.
However, despite this increase, the national average inflation for the first quarter of 2024 stands at 3.3 percent, marking a significant decrease from the 7.6 percent recorded in March 2023.
The surge in overall inflation is attributed to notable increases in several key sectors, particularly in food and non-alcoholic beverages, which experienced a year-on-year rise of 5.6 percent in March 2024. Other sectors contributing to the uptrend include transport and restaurants and accommodation services.
However, certain commodity groups such as alcoholic beverages and tobacco, housing, and personal care experienced lower inflation rates.
The top three commodity groups contributing to the overall inflation were food and non-alcoholic beverages, restaurants and accommodation services, and transport, indicating their significant impact on the economy.
Food inflation, in particular, rose to 5.7 percent in March 2024, with notable contributions from various sub-sectors. Core inflation, excluding selected food and energy items, slowed down to 3.4 percent in March 2024 from 3.6 percent in the previous month.
Inflation in the National Capital Region (NCR) moved at a faster pace at 3.3 percent in March 2024, driven primarily by increases in food and non-alcoholic beverages and the transport sector. Similarly, the overall inflation in Areas Outside the National Capital Region (AONCR) also showed an uptrend at 3.8 percent in March 2024. Variations in inflation rates were observed across different regions in AONCR, with the Bangsamoro Autonomous Region in Muslim Mindanao recording the highest inflation rate and Region I (Ilocos Region) registering the lowest.
These trends underscore a nuanced economic landscape with significant fluctuations in inflation across various sectors and regions, emphasizing the complexity of managing price stability in the Philippines.
Apr 5, 2024
