Inflation slows to 2.6% in February

Inflation slowed further in February as it clocked in at 2.6%, the Philippine Statistics Authority (PSA) reported Thursday.

The latest figure compares with the 2.9% print in January, and 3.8% in February 2019.

Deputy National Statistician Atty. Lourdines Dela Cruz attributed the downtrend to slower annual increases in the prices of food and non-alcoholic beverages.

The index posted a 2.1% inflation during the month, along with the deceleration recorded in alcoholic beverages and tobacco (18.2%); housing, water, electricity, gas, and other fuels (1.7%); and transport (1.8%).

"There is a deceleration in inflation for pertroleum. This is actually in the effect of the rollback for prices of petroleum products," Divina Gracia Del Prado, Assistant National Statistician, told reporters in Quezon City.

Local oil firms implemented a rollback in pump prices of petroleum products on February 10, followed by two consecutive weeks of hikes.

Excluding selected food and energy items, core inflation eased to 3.2% in February from 3.3% in January and 3.9% in February 2019.

In terms of geography, inflation in the National Capital Region (NCR) decelerated to 2.0% in February, down from 2.7% in January and 3.8% in February.

Outside the NCR, inflation averaged 2.8%, slower than the 3.0% the previous month and 3.8% in the same month in 2019. —LBG, GMA News