MANILA (XINHUA) – The Philippines’ annual inflation rate eased to a four-year low of 1.9 per cent in September from 3.3 per cent in August, marking the lowest level since May 2020, the Philippine Statistics Authority (PSA) said yesterday.
“This is the lowest inflation rate since the 1.6 per cent rate recorded in May 2020,” PSA Chief Dennis Mapa told a news conference.
Mapa said the main drivers of the downward trend of headline inflation in September were food and non-alcoholic beverages, which fell to 1.4 per cent from 3.9 per cent in August.
Mapa added that transport also contributed to the downtrend, with a faster year-on-year decrease of 2.4 per cent during the month compared to a 0.2 per cent annual drop in August. The PSA chief said the core inflation, which excludes selected food and energy items, slowed to 2.4 per cent in September from 2.6 per cent in August. In September 2023, core inflation was higher at 5.9 per cent.
The decline in the September inflation rate brings the national average inflation from January to September to 3.4 per cent, within the government’s target range of two per cent to four per cent. In September 2023, the inflation rate was higher at 6.1 per cent.
National Economic and Development Authority Secretary Arsenio Balisacan said the continued slowdown in inflation “is expected to boost consumer confidence, drive higher spending and consumption, and fuel business expansion”.
