The inflation in the Philippines has slowed down to 2.8 percent in January, the Philippine Statistics Authority (PSA) said Tuesday.

In a press briefing, National Statistician and PSA chief Dennis Mapa said the latest figure is much lower than the 3.9 percent rate recorded in December 2023.

Economists in a REUTERS poll had forecast annual inflation of 3.1% in January, within the central bank's 2.8% to 3.6% projection for the month.