Philippine annual inflation at 3.4% in February

March 5, 2024 - 9:24 AM
(Philstar/File photo)

MANILA — Philippine annual inflation PHPCPI=ECI quickened to 3.4% in February from the previous month’s 2.8%, the statistics agency said on Tuesday, reflecting higher food and transport costs.

Economists in a Reuters poll had forecast annual inflation at 3.1% in February, within the central bank’s 2.8% to 3.6% projection for the month.

Last month’s inflation was within the central bank’s comfort range of 2% to 4% for the year.

Core inflation PHCPXY=ECI, which strips out volatile food and energy items in the consumer basket, was at 3.6% versus the previous month’s 3.8%.

The central bank last month kept its benchmark rate steady at 6.50% for a third straight meeting, expecting inflation to settle within target this year. It next meets to review policy on April 4.

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