The country’s inflation rate has slowed down to 2.6 percent in February from 2.9 percent last month amid the slow increase of goods prices, the Philippine Statistics Authority (PSA) bared Thursday.
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said the rate is still within the 2.4 to 3.2 percent forecast range of the central bank.
The ease in inflation has been attributed to the slower price hikes in transportation, oil, food, alcoholic beverage, and tobacco.
An economist disclosed that crude oil per barrel now sells at USD 44 due to the COVID-19 outbreak and the shutdown in China as the second largest economy in the world.
“Lower crude oil prices forced transport costs and utilities to post a deflation of 1.0% and 0.1% on a month-on-month basis and helped the headline print settle lower,” ING Bank Senior Analyst Nicholas Mapa said. – Report from Naomi Tiburcio
