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Friday, July 19, 2024

April inflation rate picked up to 3.8%

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Inflation rate in the Philippines climbed to 3.8 percent in April 2024 from 3.7 percent in March, the Philippine Statistics Authority said Tuesday.

National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said while this increase remains within the government’s target range of 2 percent to 2 percent for the year, it underscores the need for vigilance.

April witnessed a surge in food inflation, rising to 6.3 percent from the previous month’s 5.7 percent. Key contributors include vegetables (up by 4.3 percent), fish (0.4 percent) and ready-made products (4.8 percent).

Rice—a staple in Filipino households—recorded a lower inflation rate of 23.9 percent in April, down from 24.4 percent in March.

Despite this decline, rice remains the primary driver of inflation, accounting for 2.1 percentage points.

“We are taking comprehensive measures to ensure food security amid geopolitical concerns and weather patterns worsened by climate change. The government’s major strategies aim to increase productivity, build the resilience of the agriculture sector, and improve the efficiency of food systems,” said Balisacan.

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