PSA Speaks on Inflation Rate in the Philippines this February
PSA – The Philippine Statistics Authority released the inflation rate in the Philippines this February 2023.
Many Filipinos currently share the same sentiment of experiencing financial struggles due to the high prices of some goods and services in the Philippines. Several households’ usual budget no longer fit their needs in the present time.
Amid the high inflation rate in the Philippines which continue to take an upward trend for more than a year now, many Filipinos turn to loans to be able to make ends meet. Unfortunately, it is quite an unwise move as they have to pay for interest but most individuals have no choice but take the ways to be able to provide food in their tables.
Every month, the Philippine Statistics Authority (PSA) releases details regarding the inflation rate in the country. For this February 2023, the inflation rate eased.
Based on a report on GMA News, PSA announced that the inflation rate in the Philippines eased from 8.7% in January to 8.6% in February. According to the statistics bureau, the slight drop is due to the slight fall in the prices of transport-related products such as gasoline, diesel, and motorcycles.
Reportedly, the 8.6 inflation rate in the Philippines in February is within the target of Bangko Sentral ng Pilipinas (BSP). The Central Bank cited the range between 8.5 percent and 9.3 percent. However, the rate went past the 2 to 4 target range set by the government.
According to PSA National Statistician Dennis Mapa, the transport-related prices are expected to take a role again in the inflation rate in the Philippines this March. However, the core inflation rose from 7.4% to 7.8%. It is the highest since 1999 which was at 8.1% then.
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