Inflation Rate in the Philippines Continues To Drop This March
INFLATION RATE – Philippine Statistics Authority showed records of inflation rate alleviating to a much smaller number this month compared to previous readings.
PSA or Philippines Statistics Authority is an office in the government responsible for all national censuses and surveys, sectoral statistics, consolidation of selected administrative recording systems and compilation of national accounts.
They are also keeping track of the inflation rate in the country.
The price of basic necessities was always a major concern for Filipinos regardless of the economic status. Also, inflation directly affects the prices of basic commodities.
Thus, affecting also the lives of many Filipinos on a day-to-day basis.
Last year has been rough for Philippines’ economic history. Since the taxation laws have been reformed, sudden spike up of prices in the market has been quite an inconvenience to many Filipinos.
According to an article from Business Mirror, TRAIN law presents new tax rates for income, estate, petroleum products and, automobile. Also, new taxes on sugar-sweetened beverages, while removing certain exemptions from the value-added tax.
Prices of commodities have been increasing to an uncomfortable rate since the implementation. Meanwhile, it continues to fall this year.
Although prices of food and some drinking beverages increased by up to 3.4%, as recorded by the PSA, it went down from the recorded 4.7% in February. It has been the lowest food inflation in 16 months.
According to an article from Trading Economics.Recorded readings as of this year by the Philippines Statistics Authority have shown positive improvements to the country’s inflation rate. Good news for Filipinos.
As of March 2019, the rate is currently at 3.3%. Which displays a noticeable decrease considering it went from the 3.8% in February and 4.3% last year.
That’s all there is to it, at least for now. We’ll post updates as soon as we got them.