Headline Inflation in the Philippines Rises to 3.8% in March
CPI in NCR Declines Slightly to 118%
Inflation Shows Signs of Cooling
The Philippines' headline inflation, or overall inflation, increased to 3.8% in March 2023, according to the latest data from the Philippine Statistics Authority (PSA). This marks a slight uptick from the previous month's 3.3% inflation rate.
The Consumer Price Index (CPI) for the National Capital Region (NCR), which includes Metro Manila, slid to 118% in March from 118.2% in February. This indicates a modest decline in inflation in the country's most populous region.
The PSA attributed the increase in headline inflation to higher food prices, particularly vegetables and fruit. Transport costs and alcoholic beverages also contributed to the uptick.
Despite the increase in inflation, there are signs that it may be cooling. The CPI in NCR has been declining for the past three months, suggesting that inflationary pressures are gradually easing.
The Federal Reserve will be closely monitoring inflation data as it considers its next move on interest rates. The central bank has been raising rates to curb inflation, which may impact economic growth in the coming months.
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