MANILA — Philippine annual inflation picked up more than expected in March due mainly to rising transport costs, the statistics agency said on Tuesday.
- The consumer price index rose 4.1% in March from a year earlier, much higher than the previous month’s 2.4% rise and above the 3.7% median forecast in a Reuters poll.
- Core inflation, which excludes volatile food and energy prices, quickened to 3.2% in March from 2.9% in February.
- The headline rate was the highest since July 2024.
- The transport sub-index rose by an annual 9.9%.
- The central bank had projected annual inflation in March would be within a 3.1 % to 3.9% range.
- The central bank kept its key rate steady at 4.25% at a surprise off-cycle meeting on March 26 and said policy would focus on second-round effects from global oil price shocks.
- The next monetary policy review is on April 23.
—Reporting by Mikhail Flores and Nestor Corrales; Editing by John Mair
