February inflation drops to 8.6%
MANILA, PHILIPPINES — The headline inflation for February unexpectedly slowed down to 8.6% from January’s 8.7%.
In the latest data by the Philippine Statistics Authority (PSA), the transport industry was commended as “the sole driver of the downtrend,” with a nine per cent inflation rate in February.
National Statistician and PSA Undersecretary Dennis Mapa explained that the slowdown in the transport index was due to the slower increase in gasoline, diesel, and motorcycle prices.
On the other hand, the food and non-alcoholic beverages index recorded the highest inflation rate in February at 10.8%, followed by housing, water, electricity, gas, and other fuels at 8.6%.
Meanwhile, the education services recorded a 3.6% inflation rate.
Despite slower price increases, the Philippine inflation rate remains the highest in Southeast Asia for February so far.
