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Financial News: Philippine Inflation Eases To 2.8%, Lowest In 39

Philippine Inflation Eases To 2.8%, Lowest In 39 Months

02/06/2024 - 02:27:00 (RTTNews)

(RTTNews) - The Philippines' consumer price inflation eased further in January to the lowest level in more than three years, largely driven by a slower price increase in food products, data from the Philippine Statistical Authority showed on Tuesday.

The consumer price index, or CPI, climbed 2.8 percent year-over-year in January, slower than the 3.9 percent rise in December. Economists had forecast inflation to ease to 3.1 percent.

This was the weakest inflation rate since October 2020, when prices had risen by 2.3 percent.

Further, inflation remained within the central bank's target range of 2 to 4 percent for the second straight month.

The core inflation rate, which excludes the prices of selected food and energy items, also softened to 3.8 percent in January from 4.4 percent.

The annual price growth for food and non-alcoholic beverages moderated to 3.5 percent in January from 5.4 percent a month ago. Similarly, prices for utilities increased at a weaker rate of 0.8 percent versus a 1.5 percent gain in December.

On a monthly basis, consumer prices moved up 0.6 percent in January, just above the expected increase of 0.5 percent.

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