By Kris M. Crismundo
MANILA, April 24 (PNA) — The Philippines’ headline inflation rate for January to March 2015 period has eased to 2.4 percent, the Bangko Sentral ng Pilipinas (BSP) reported Friday.
BSP said the inflation rate in the first quarter of 2015 is lower than fourth quarter of 2014 inflation rate of 3.6 percent and Q1 2014’s rate at 4.1 percent.
The slower inflation rate in Q1 this year was brought by decline in both food and non-food inflation, the BSP explained.
Food inflation in Q1 2015 settled at 5.0 percent from 5.9 percent in Q1 2014 with inflation rate for rice at 7.2 percent this year from 10.8 percent last year while for corn eased to 2.4 percent from 3.7 percent.
“Food inflation declined on adequate domestic supply of key food items,” the BSP said.
Non-food inflation, likewise, declined to 0.6 percent in Q1 2015 from 2.6 percent in Q1 2014.
The central bank noted that the further decrement in non-food inflation was pushed by lower prices of electricity, gas, and other fuels (-8.7 percent) and operation of personal transport equipment (-10.5 percent).
“Inflation on electricity, gas, and other fuels declined on lower generation charges as well as price reductions in kerosene and liquefied petroleum gas (LPG),” it said.
To recall, inflation rate for January was at 2.4 percent; 2.5 percent in February; and at 2.4 percent in March. (PNA)