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Inflation steady at 3.4% in April




Posted on May 05, 2017 04:43:37 PM | BREAKING NEWS



INFLATION remained steady in April, the government reported this morning.

The Philippine Statistics Authority (PSA) said that headline inflation last April held at 3.4%, same rate recorded in March, but faster than the 1.1% clocked in April 2016.

The preliminary result fell within the midpoint of the Bangko Sentral ng Pilipinas' inflation target for April, which is to settle at between 3% and 3.8%. The April figure was also slightly lower than the 3.5% median estimate in a BusinessWorld poll of 13 economists conducted last week.

The PSA attributed the steady rate due to higher increments in the indices of food and non-alcoholic beverages which clocked at 4.2% in April from 4% in the previous month; transport (3.2% from 2.6%); and communication (0.3% from 0.2%).

"Annual inflation in the rest of the commodity groups decelerated with the education index still recording an annual rate of 1.8 percent," the PSA said further in the report.

Year-to-date figure puts inflation at 3.2%, still within the official 2%-4% target band for this year.

Excluding volatile food and energy items, core inflation grew at 3% compared to March's 2.9% and April last year's 1.5%. -- Ranier Olson R. Reusora