Inflation has increased 4 per cent in the Philippines due to rising oil prices around the world.
The increase in oil prices in the international market resulted in a hike in the inflation rate in March to 4 per cent than 3 per cent recorded in the first two months of 2022. The average inflation in the first quarter this year was 3.4 per cent.
The Philippine Statistics Authority attributed this to Russia’s attack on Ukraine which sent oil and commodity prices soaring.
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The food inflation increased by 2.6 per cent and was mainly due to an increase in inflation of meat (2.9 per cent) , fish and seafood (4.3 per cent) while the electricity costs rose by 18 per cent and LPG costs increased to 26.5 per cent.
The transport inflation rose to 10.3 per cent as gasoline and diesel prices increased by 36.7 per cent and 58 per cent respectively.
