Inflation accelerates to 3 percent in April

Due to higher prices in most commodities, inflation picked up to three percent in April from 2.6 percent in March, the National Statistics Office (NSO) reported on Friday.

 

NSO said the uptrend can be attributed to higher annual prices recorded in all commodity groups except in the transport, communication and education indices.

 

“Higher prices of the items in the heavily-weighted food group particularly corn, fish, processed and canned meat, processed eggs, milk, selected fruits and sugar were noted in many regions including the National Capital Region (NCR),” NSO said.

 

“In addition, upward adjustments in land transport fares and charges for electricity rates were observed in selected regions including NCR,” it added.

 

From 4.7 percent last April 2011, one of the highest rates pegged last year, inflation dipped down to 3 percent in April this year.

 

In NCR, inflation also slid down from 2.7 percent in March to 2.5 percent annual inflation.

 

NSO said this was due to the “slower annual gains” in the indices of housing, water, electricity, gas, fuels and transport.

 

“The annual uptick in housing, water, electricity, gas, and other fuels index slipped to 3.5 percent in April from 4.1 percent in March and transport index, 1.0 percent from 2.1 percent,” NSO said.

 

However, inflation went up in areas outside NCR – from 2.6 percent in March to 3.2 percent in April.

 

'Strong economy' at ADB meet

 

Bangko Sentral Gov. Amando Tetangco Jr. said the country vows to present a strong economy and a low inflation rate during the Asian Development Bank’s 45th Annual Meeting of the Board of Governors from May 2 to 5.

 

“For us, we'll also be able to demonstrate the positive effects of the reforms that we have implemented over the years and how these have helped bring our economy to growth. And also show sustained growth with low inflation,” he said. –Jon Lindley Agustin/KG, GMA News