Philippine annual inflation at 2.8% in January

February 6, 2024 - 9:13 AM
Market vendor
A vendor is seen selling red onions at a market in Baguio City on Sept. 14, 2022. (The STAR/Andy Zapata Jr via Facebook)

Philippine annual inflation PHCPI=ECI was at 2.8% in January, versus the previous month’s 3.9%, thanks to lower food prices, the statistics agency said on Tuesday.

The consumer price index in January was the lowest since October 2020 when the rate was 2.3%, and was below the 3.1% forecast in a Reuters poll, but matched the bottom end of the central bank’s 2.8% to 3.6% projection for the month.

Core inflation PHCPXY=ECI, which strips out volatile food and energy costs, was at 3.8% in January versus 4.4% in the previous month.

— Reporting by Neil Jerome Morales and Mikhail Flores; Editing by Kanupriya Kapoor