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The country’s headline inflation accelerated to 4.0% in March 2022 from 3.0% in February 2022. This brings the national average inflation from January to March 2022 to 3.4%. In March 2021, inflation was higher at 4.1%.

The increase in inflation of the food and non-alcoholic beverage indices to 2.6%; housing, water, electricity, gas and other fuels, 6.2%; and transportation at 10.3% largely contributed to the upward trend in headline inflation during the month.

Higher annual increases were also observed in the following product groups:

a. Alcoholic beverages and tobacco, 4.8%;
b. Furniture, household equipment and routine housekeeping, 2.6%;
vs. Information and communication, 0.7%; and
D. Food and accommodation services, 3.0%.

Meanwhile, slower annual increases were seen in health indices at 2.5%; and recreation, sport and culture at 1.5%. The other product groups maintained their annual rates from the previous month.

Food inflation rose to 2.8% in March 2022 from 1.1% in February 2022. In the same month of the previous year, food inflation was observed at 5.6 %.

At the national level, faster annual growth rates were observed in the following food groups:

a. Flour, bread and other bakery products, pasta and other cereals, 3.6%;
b. Meat and other parts of slaughtered land animals, 2.9%;
vs. Fish and other seafood, 4.3%;
D. Milk, other dairy products and eggs, 0.8%;

Inflation rises to 4% in March 2022

e. Oils and fats, 9.1%;
f Sugar, confectionery and desserts, 6.2%; and
g. Prepared meals and other food products not elsewhere classified, 2.3 percent.

Additionally, a slower decline was noted in the annual fruit and nut indices at -4.0%, compared to -4.9% the previous month; and vegetables, tubers, plantains, cooking bananas and pulses at -0.1%, compared to -8.4%.

The other food groups maintained their growth rates from the previous month.

Following the trend at the national level, inflation in the NCR rose to 3.4% in March 2022 from 1.9% the previous month. In March 2021, inflation in the region was 2.5%.

The higher inflation in the NCR was driven by food and non-alcoholic beverage inflation rising to 1.5% from -1.6% in February 2022.

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