The inflation rate or the rate of increase in prices of basic commodities or services dipped further for the third straight month in December.
The Philippine Statistics Authority (PSA) reported on Friday that the inflation rate for the month of December is 3.9% slower than the 4.1% in November last year.
National Statistician and PSA chief Claire Dennis Map said this is much lower than the 8.1% rate in December 2022.
This is the lowest inflation rate in 2023 and the lowest since February 2022 of 3%.
“Ang pangunahing dahilan ng mas mababang antas ng inflation nitong Disyembre 2023 kaysa noong Nobyembre 2023 ay ang mas mabagal na pagtaas ng presyo ng housing, water, electricity, gas and other fuels. Ito ay nagtala ng 1.5% inflation at 59.6% share sa pagbaba ng pangkalahatang inflation sa bansa,” said Mapa in a press briefing on Friday.
Food inflation which tracks price movements in a “basket” of foods commonly purchased by households also decreased to 5.5% from 5.8% also due to the decreases in vegetable and meat prices.
