Annual Inflation in the Philippines Increases with Rising Rice Costs
Friday, 5 April 2024, 03:16
Philippine Inflation Quickens in March
Annual inflation in the Philippines rose for the second consecutive month in March, driven by a sharp increase in rice prices.
Key Points:
- The consumer price index climbed 3.7% year-on-year in March.
- Rice prices soared, marking the fastest pace of increase in 15 years.
- The Bangko Sentral ng Pilipinas (BSP) highlighted inflation risks leaning towards an upward trend in their recent statement.
Overall, the rise in inflation due to surging rice costs underscores the importance of maintaining tight policy settings by the BSP to manage the economic impact effectively.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.