Food inflation may ease further in March, according to early price data collected by the Philippine Statistics Authority (PSA).
Lower food prices in February contributed to a drop in inflation to 2.1 percent for the month. This was slower than both central bank and market forecasts, and marked a significant decline from 2.9 percent in January.
A price survey conducted by the PSA for the first half of March showed the national average price of regular milled rice at P46.30 per kilo, down from P47.19 per kilo in the second half of February and P47.77 per kilo in early February.
Rice accounts for about 9 percent of the consumer basket. Food items, including rice, make up more than half of the average Filipino household’s budget. For poorer households, roughly 18 percent of the budget is spent on rice.
Tomato prices, which had surged in recent months, continued to decrease, with an average price of P75.65 per kilo in the first half of March. This is down from P90.64 per kilo in the second half of February and P109.42 per kilo in early February.
However, higher prices for meat and fish could temper the easing of food inflation.
The PSA reported that, on a national level, pork was priced at an average of P384.08 per kilo in the first half of March. This is up from an average of P378.84 per kilo in the second half of February and P375.02 per kilo in early February.
Galunggong (round scad) retailed at an average of P235.26 per kilo in early March, up from P231.24 per kilo in the second half of February and P226.43 per kilo in early February.
