6-2-2024 (MANILA) Annual inflation in the Philippines dropped to 2.8 percent in January, down from 3.9 percent the previous month, primarily due to lower food prices, according to the country’s statistics agency on Tuesday (Feb 6).
The consumer price index for January marked the lowest level since October 2020, when the rate stood at 2.3 percent. The figure came in below the 3.1 percent forecast in a Reuters poll but aligned with the lower end of the central bank’s projection of 2.8 percent to 3.6 percent for the month.
Meanwhile, core inflation, which excludes volatile food and energy costs, was recorded at 3.8 percent in January, compared to 4.4 percent in the previous month.
