The Philippine Statistics Authority (PSA) reported on Friday, March 4, that consumer prices was unchanged from its 14-month low 3.0 percent recorded in the first month of the year. READ:
Consumer prices rose at a steady pace in February due to slower inflation for food items, but economists warned that the uptick will likely accelerate in coming months as war continues to rage in Ukraine.
While the latest inflation reading is favorable, this has yet reflected the impact of ongoing geopolitical developments in Europe between neighboring nations Russia and Ukraine. He added that the government will continue its efforts to increase food supply by helping farmers improve their productivity and importing, when necessary, to fill supply gaps.
“Food and transport are the two largest components of the Philippine CPI [consumer price index] basket and any sharp price swings for these sectors should be enough to nudge heading inflation past four percent by May,” Mapa said.Earlier, the Development Budget Coordination Committee announced that the government will provide P2.5 billion in subsidy for the Fuel Subsidy Program that covers drivers of jeeps, buses, UV express, transport network vehicle services, and tricycles.
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