Philippine annual inflation at 3.7% in March

April 5, 2024 - 9:15 AM
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A vendor is seen selling red onions for P500 per kilo at a public market in Marikina City on Tuesday, Dec. 27, 2022 (Jesse Bustos/The Philippine STAR)

Philippine annual inflation PHPCPI=ECI was at 3.7% in March, driven by higher food prices, the statistics agency said on Friday.

Economists in a Reuters poll had forecast annual inflation at 3.8%, within the central bank’s 3.4% to 4.2% forecast for the month.

Core inflation PHCPXY=ECI, which strips out volatile food and energy items in the consumer basket, eased to 3.4versus the previous month’s 3.6%. A Reuters poll had forecast March core inflation at 3.45%.

The central bank will meet on April 8 to review its monetary policy.

— Reporting by Mikhail Flores and Neil Jerome Morales; Editing by Martin Petty