Jan rate down at 2.4% from 2.7% in Dec
Headline inflation in January dropped to 2.4 percent year-on-year from 2.7 percent in December and 4.2 percent a year earlier, official data showed on Thursday.
The figure released by the Philippine Statistics Authority (PSA) came within the central bank’s forecast range of between 1.8 percent and 2.7 percent for the month, but slightly exceeded private analysts’ estimates of between 1.9 percent and 2.3 percent.
The PSA said the steady decline in the annual movement of the indices for housing, water, electricity, gas and other fuels and transport costs pushed down the headline inflation rate further in January.
“The slowing down of the annual growth rates of other commodity groups, except alcoholic beverages and tobacco, communication and education indices, also contributed to the downtrend,” it said.
MAYVELIN U. CARABALLO