Inflation in April eased to an eight-month low of 6.6 percent from 7.6 percent in March on slower increases in the prices of food and non-alcoholic beverages, the Philippine Statistics Authority said Friday.
National statistician and civil registrar general Dennis Mapa said, however, the April inflation remained elevated compared to 4.9 percent a year ago.
This brought the average change in the consumer price index in the first four months to 7.9 percent, above the target range of 2 percent to 4 percent.
The PSA said among the 13 commodity groups, the downtrend of the overall inflation was mainly brought about by the heavily weighted food and non-alcoholic beverages, which recorded a lower inflation rate of 7.9 percent, compared to 9.3 in March.
Transport was the second top contributor with an inflation rate 2.6 percent, also down from 5.3 percent in March 2023. The third primary driver was housing, water, electricity, gas and other fuels, which recorded a 6.5 percent inflation rate, slower than 7.6 percent in March.
The PSA also noted lower inflation rate for furnishings, household equipment and routine household maintenance at 6.1 percent, compared to 6.2 percent a month earlier.
It observed higher inflation rates in alcoholic beverages and tobacco, 12.7 percent from 12.2 percent; clothing and footwear, 5.1 percent from 5.0 percent; health, 4.1 percent from 3.9 percent; recreation, sport and culture, 4.7 percent from 4.6 percent; restaurants and accommodation services, 8.6 percent from 8.3 percent; and personal care, and miscellaneous goods and services, 5.7 percent from 5.6 percent.
The indices of information and communication; and education services retained their corresponding previous month’s annual increments at 0.7 percent and 3.6 percent. The annual rate in the financial services index was steady at zero percent.
Inflation surpassed the target range last year and reached a 14-year high of 8.7 percent in January 2023.