The inflation rate in March 2023 dropped to 7.6% from 8.6 percent in February, the Philippine Statistics Authority (PSA) reported.
PSA Undersecretary, Dennis Mapa, credited the decrease in inflation to the slower rise in food and non-alcoholic beverage prices at 9.3% in March compared to 10.8% in February.
The decrease in food prices was mainly due to a slowdown in the inflation rate of vegetables, including onions, which was 20% in March compared to 33.1% in February.
The prices of rice and meat products have slowly been increasing since the start of the year, however.
The inflation rate for the bottom 30% of income households was 8.8% in March 2023, down from 9.7% in the previous month, but the impact of the price hikes was heavier for them.
The PSA noted that all regions, except for the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), posted lower inflation rates in March this year.
Meanwhile, the National Economic and Development Authority (NEDA) stated that it is still working on addressing the underlying reasons for the high costs of food.
"We are committed to provide policy advice and anticipatory recommendations that are supported by data to manage inflation and protect the Filipino families," NEDA Secretary Arsenio Balisacan said.
