Coinciding with the latest Bangko Sentral ng Pilipinas’ (BSP) projections, headline inflation for the month of April stood at three percent, the Philippine Statistics Authority (PSA) reported on Tuesday.
“The country’s headline inflation slowed down further to three percent in April 2019,” the PSA said, adding that it compares to the listed 3.3 percent print in March.
The latest inflation figure translates to a six-month consecutive decline since October 2018 and it also translates to the lowest inflation print since January 2018, where it stood 3.4 percent.
According to the PSA, this improvement can be attributed to the significant reduction in major commodity groups such as food and non-alcoholic beverages, among others.
“The main drivers in the downtrend of inflation were food and alcoholic beverages, alcoholic beverages and tobacco, housing, water, electricity, gas and other fuels,” the agency said.
“These are the commodity groups which recorded the biggest slowdowns in inflation rates in April 2019, compared with their annual rates in March 2019,” it added.