Philippine inflation rate reached 3.7% in March, rising for second consecutive month

　　China News Service, Manila, April 5 (Reporter Zhang Xinglong) Data released by the Philippine National Bureau of Statistics on the 5th showed that the country’s inflation rate in March was 3.7%, showing growth for the second consecutive month.

On April 5, local time, citizens purchased rice in a supermarket in Makati City, Metro Manila, Philippines. Photo by China News Service reporter Zhang Xinglong

　　Data show that compared with February, Philippine inflation increased by 0.3 percentage points in March. Philippine National Bureau of Statistics official Mapa pointed out that this growth trend is mainly driven by rising prices of food and non-alcoholic beverages.

　　Data show that food and non-alcoholic beverage prices increased year-on-year to 5.6% in March from 4.6% in February. Among them, rising rice prices have a significant impact on food inflation. The inflation rate of rice rose from 23.7% in February to 24.4%, contributing 1.8 percentage points to the overall inflation rate.

　　The data also showed that the Philippines' average inflation rate in the first three months of this year was 3.3%, which is still within the government's annual target of 2% to 4%.

On April 5, local time, citizens purchased beef in a supermarket in Makati City, Metro Manila, Philippines. Photo by China News Service reporter Zhang Xinglong

　　However, the Philippine Central Bank warned in a statement that day that adverse weather conditions may have an impact on agricultural production, and coupled with the base effect, the Philippine inflation rate may continue to accelerate and exceed the target range in the next two quarters.

　　Arsenio Balisacan, director of the National Economic and Development Authority of the Philippines, said that the El Niño phenomenon currently experienced by the Philippines and the La Niña phenomenon that may occur in the second half of the year will put pressure on the country’s food and energy prices. As a result, the government is taking steps to secure food and energy supplies and prepare for possible price fluctuations. (over)