Financial News: Philippine Inflation Rises To 3.4%

Philippine Inflation Rises To 3.4%

03/05/2024 - 03:11:00 (RTTNews)

(RTTNews) - The Philippines' consumer price inflation increased in February after easing to a more than three-year low in January, data from the Philippine Statistical Authority showed on Tuesday.

The consumer price index, or CPI, climbed 3.4 percent year-over-year in February, faster than the 2.8 percent rise in January. Economists had forecast inflation to rise to 3.1 percent.

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

The core inflation rate, which excludes the prices of selected food and energy items, softened to 3.6 percent from 3.8 percent in January.

The annual price growth for food and non-alcoholic beverages accelerated to 4.6 percent in February from 3.5 percent a month ago. Prices for transportation rebounded 1.2 percent versus a 0.3 percent fall in January.

On a monthly basis, consumer prices moved up 0.6 percent in February, above the expected increase of 0.2 percent.

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