The Philippine Statistics Authority (PSA) reported Wednesday, April 5, that inflation slowed down by 7.6% in March 2023 from February’s 8.6%, bringing the first quarter inflation to 8.3%.
According to PSA, the latest inflation rate is caused by a slowdown in the inflation of food and non-alcoholic beverages at 9.3% from 10.8% and transport at 5.3% from 9.0%.
This was followed by housing, water, electricity, gas and other fuels at 7.6%, health and information and communication commodity groups at 3.9% and 0.7%, respectively.
However, quicker inflation was recorded for alcoholic beverages and tobacco at 12.2%, clothing and footwear at 5.0%, and recreation, sport, and culture at 4.6%.
The National Economic and Development Authority (NEDA) said it continues to address the causes of soaring food prices.
“We are committed to provide policy advice and anticipatory recommendations that are supported by data to manage inflation and protect the Filipino families,” NEDA Secretary Arsenio Balisacan said. AG – gb