Median inflation estimate hits 4% in March
A poll of 18 analysts done by business daily BusinessWorld revealed that a median estimate of four per cent was reached for last month’s inflation.
This latest figure is nearer the upper end of the Philippine central bank’s 3.3% to 4.1% projection and is quicker than February’s three per cent.
According to analysts, the acceleration of inflation last month is likely due to the spike in global crude oil prices which also caused a faster increase in food and transport costs.
Oxford Economics Makoto Tsuchiya said “as a net oil importer, the Philippines is highly exposed to the surge in commodity prices directly through higher fuel prices and subsequently higher electricity prices.”
Concerns over global supply of grains and wheat also drove their prices higher as Ukraine and Russia are major exporters.
ING Bank N.V. Manila Senior Economist Nicholas Antonio Mapa added that “upward pressure will likely emanate from private vehicle transport costs (pump prices) on top of utilities.”
The Philippine Statistics Authority will release the March inflation data on April 5.
