MANILA – The country’s inflation rate slowed down to 4.5 percent in March from the previous month’s 4.7 percent on the back of cheaper food prices, the Philippine Statistics Authority (PSA) reported on Tuesday.
The average price increase of basic goods and services for the first three months of 2021 reached 4.5 percent.
In a virtual press briefing, PSA undersecretary and national statistician Dennis Mapa attributed last month’s easing inflation rate mainly to deceleration in prices of food and non-alcoholic beverages, particularly vegetables like garlic, fruits, and fish.
“So we can say that because of good weather after the storm that we experienced in last quarter [of 2020], these contributed to downward movement in prices of vegetables, including fruits and fish,” Mapa said.
The food and non-alcoholic beverages index had a 50.9-percent share to overall inflation in March but retail prices of meat, particularly pork, picked up to 20.9 percent.
In the National Capital Region (NCR), retail prices of pure pork meat averaged P329 per kilo in March from P323 per kilo the previous month. In areas outside NCR, it slightly declined to P312 from P317.
“Of course the ASF (African swine fever) nag-start mag-contribute sa pagtaas ng presyo ng meat, particularly pork,” said Mapa.
He also cited higher costs of beef and chicken in March, which increased along with pork prices.
Meanwhile, the commodity group with the second-largest share in last month’s overall inflation was transport, particularly tricycle fare.
Faster increases were recorded in prices of transport with 13.8-percent inflation.(PNA/PN)
