By Katherine K. Chan, Reporter
Elevated oil prices began to feed through food and utility costs, driving headline inflation to an over three-year high of seven.2% in April, the Philippine Statistics Authority (PSA) said on Tuesday.
PSA data showed that the patron price index (CPI) heated as much as 7.2% last month, from 4.1% in March and 1.4% a yr ago.
This was the fastest headline print for the reason that 7.6% seen in March 2023. It also blew past the 5.5% median in a BusinessWorld poll of 17 analysts and the central bank’s 5.6%-6.4% estimate for the month.
National Statistician Claire Dennis S. Mapa noted that faster price increases in food and nonalcoholic beverages, transport, and utilities pushed the CPI up last month.
As of April, inflation averaged 3.9%, a tad below the upper end of the Bangko Sentral ng Pilipinas’ (BSP) 2%-4% full-year goal.
April likewise marked the second consecutive month that the headline print accelerated past the BSP’s goal.
The PSA also reported that core inflation, which excludes volatile food and fuel prices, picked as much as 3.9% in April from 3.2% in March and a pair of.2% a yr earlier.
This was the quickest core print for the reason that 4.4% logged in December 2023.
Meanwhile, inflation for the underside 30% of income households accelerated to its fastest pace in over three years at 8.5% in April, from 4.2% in March and 0.1% in the identical month last yr.