Arellano university, University in Manila, Philippines

Manila, May 5 Year-on-year inflation in the Philippines slowed further to 6.6 per cent in April from 7.6 per cent in March due to lower food and transport costs, authorities said on Friday.The Philippine Statistics Authority (PSA) said that latest inflation rate brings the average rate in the first four months this year down to 7.9 per cent, reports Xinhua news agency reported."The food basket substantially contributed to the lower inflation rate in April," PSA head Dennis Mapa told a news conference.The inflation rate of food and non-alcoholic beverages decreased to 7.9 per cent from 9.3 per cent in March, the main contributor to the lower April inflation rate, while the transport came second top contributor, with an inflation rate of 2.6 per cent from 5.3 per cent in the previous month.Meanwhile, Mapa said the core inflation, excluding selected food and energy items in the headline inflation, slightly slowed to 7.9 per cent in April from 8 per cent in March.National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan expressed optimism that the downward trend of the inflation rate "will continue and settle further within the government's outlook".Last month, the government's inter-agency Development Budget Coordinating Committee revised its 2023 inflation outlook to 5 to 7 per cent from the previous assumption of 2.5 to 4.5 per cent, given persisting high prices of food, energy, and transport costs.Balisacan said the NEDA "recognises the risks to the inflation outlook to remain tilted toward the upside amid potential transport fare increases, wage adjustments, and domestic food supply pressures amidst the threat of El Nino and the resurgence of African swine fever".On Tuesday, the Philippine weather bureau raised the El Nino Alert status as it expects the weather phenomenon to emerge from June to August this year and may persist until the first quarter of 2024, warning of below-normal rainfall conditions, dry spells and droughts.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Arellano UniversityFOLLOW

Arellano university, Latest News

Manila, June 9 The unemployment rate in the Philippines in April dropped to 4.5 per cent from 4.7 ... ...

Manila, June 6 Year-on-year inflation in the Philippines slowed further to 6.1 per cent in May from 6.6 ... ...

Manila, May 31 The Philippines Senate on Wednesday approved a bill establishing the Maharlika Investment Fund (MIF), the ... ...

Manila, May 29 The Philippines needs a new "hard-hitting independent watchdog" against rampant police corruption and misconduct, a ... ...

Manila, May 15 At least 2,478 women died due to childbirth in the Philippines in 2021, the United ... ...

Manila, May 11 The Philippines' economy expanded by 6.4 per cent year-on-year in the first quarter of 2023, ... ...

By Vishal Gulati Leh, May 7 One lakh saplings, 90 per cent of them are of willow and ... ...

Manila, May 5 Year-on-year inflation in the Philippines slowed further to 6.6 per cent in April from 7.6 ... ...