Hits DOF forecast
INFLATION in March picked up to 1.1 percent from and 0.9 percent in February on higher prices of food and other commodities, data released by the Philippine Statistics Authority (PSA) showed on Tuesday.
Compared with the rate of 2.4 percent a year earlier, however, the rise in prices showed a deceleration as energy prices were lower this year.
The March figure hit the 1.1 percent estimate by the Department of Finance. It stayed at the higher end of the 0.6 percent to 1.4 percent range estimated by the Bangko Sentral ng Pilipinas (BSP) for the month and stood within the projected range of 1.0 percent to 1.3 percent by analysts polled by The Manila Times.
Excluding food and energy prices, core inflation remained at 1.5 percent, the same rate in February but lower than the 2.7 percent recorded in March 2015.
In the year-to-date, inflation in the first quarter of 2016 averaged 1.1 percent, below the 2 percent to 4 percent target of the BSP for this year. MAYVELIN U. CARABALLO