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The Philippine Statistics Authority (PSA) reported that overall inflation in the Philippines rose to 4.0% in March from 3.0% in February, driven by higher food prices, utility bills, and the transportation sector.
The PSA shows that rising fuel prices in the world market have affected food prices. This led to inflation in the Philippines also rising in March.
Carl Kendrick Chua, Philippine Secretary of Economic and Social Planning, said that inflation in food and other goods has increased. As a result, the overall inflation rate rose sharply in March. The food price index rose to 2.8% from 1.1% in February.
At the same time, core inflation, which excludes food prices, rose to 5.0% in March from 4.1% in February as oil prices increased. Transportation inflation rose to 10.3% in March from 8.8% in February.