Inflation rises to 3% –NSO

AFP file photo

MANILA, Philippines—Inflation rose to  3 percent in April 2012 from 2.6 percent in March on the back of increases in prices of most commodity groups, including the heavily weighted food basket, the National Statistics office said Friday. Prices increased faster in areas outside the National Capital Region than within.

The 3-percent growth in inflation in April was the highest since February but still in the lower end of the government’s target range of 3 to 5 percent.

The inflation rate in the NCR rose 2.5 percent in April, slower than the 2.7 percent growth rate in March, due to slower gains in the indices for housing, water, electricity, gas, and other fuels and transport.

Year-on-year, inflation in areas outside the NCR went up 3.2 percent in April from 2.6 percent in March with higher annual upticks in the prices of all commodity groups except in the communication and education indices.

Earlier, the National Economic and Development Authority noted the slower pace of inflation growth in March (2.6 percent) from February (2.7 percent) and January (4 percent) but said there may be “slight” hikes in the year-on-year inflation rates in the coming months due to volatile oil prices. Still, NEDA said, the inflation rate for full-year 2012 may stay within target.