Inflation up to 3.4% in February 2024

The overall inflation in the country rose to 3.4% in February according to the recent report of the Philippine Statistics Authority (PSA) on March 5, 2024.

Main Driving Factors for the Rise:

• Food and Non-Alcoholic Beverages: Went up from 3.5% in January to 4.6% in February 2024.
• Transport: Saw a yearly increase of 1.2% in February, compared to a 0.3% decline in January.
• Housing, Water, Electricity, Gas, and Other Fuels: Recorded a faster annual increase of 0.9% in February, up from 0.7% in January.
• Alcoholic Beverages and Tobacco: Slightly increased, reaching 8.6% from 8.4% in January.

Seven commodity groups witnessed decreased inflation rates in February:

• Clothing and Footwear: Down from 3.8% to 3.6%.
• Furnishings, Household Equipment, and Routine Household Maintenance: Dropped from 3.9% to 3.3%.
• Health: Decreased from 3.3% to 3.0%.
• Information and Communication: Declined from 0.5% to 0.4%.
• Recreation, Sport, and Culture: Lowered from 4.0% to 3.8%.
• Restaurants and Accommodation Services: Decreased from 5.5% to 5.3%.
• Personal Care and Miscellaneous Goods and Services: Went down from 4.0% to 3.8%.

Top Contributors to Overall Inflation:

• Food and Non-Alcoholic Beverages: Made up 52.1%, contributing 1.8 percentage points.
• Restaurants and Accommodation Services: Accounted for 15.3%, with a contribution of 0.5 percentage points.
• Housing, Water, Electricity, Gas, and Other Fuels: Represented a 5.8% share, contributing 0.2 percentage points. (ASC)