MANILA -- The country's inflation rate eased to a 16-month low of 3 percent in April, from 3.3 percent in the previous month, the government reported on Tuesday.
The Philippine Statistics Authority (PSA) attributed the decline mainly to the slower annual increase in the heavily-weighted food and non-alcoholic beverages index at 3 percent.
“The annual rate of the country’s food index continued to move slower as its growth were posted at 2.9 percent during the month,” it said.
It said that slower annual increments were noted in rice, corn, other cereals, meat, fish, oils and fats.
Food and non-alcoholic beverages is among the major contributors to the country’s inflation with a share of 38.34 percent.
It added that slower annual increments were also noted last month in the indices of alcoholic beverages and tobacco; clothing and footwear; housing, water, electricity, gas, and other fuels; and furnishing, household equipment and routine maintenance of the house; health; and restaurant and miscellaneous goods and services. (PNA)
