MANILA, Philippines – The Philippines’ inflation rate rose for the third consecutive month in April amid soaring rice prices, El Niño damaging crops, and the peso’s depreciation against the dollar.

The Philippine Statistics Authority (PSA) on Tuesday, May 7, reported that the inflation rate in April inched up to 3.8%, which is slightly higher than the 3.7% recorded last March.

It remains within the government’s target band of 2% to 4%.

Year-to-date, average inflation stands at 3.4%.

The Bangko Sentral ng Pilipinas earlier projected April inflation would settle within the 3.5% to 4.3% range. A BusinessWorld poll of 16 economists yielded a median estimate of 4.1%.

Some areas in the country have declared a state of calamity due to the destruction caused by prolonged dry weather conditions and declining water sources. – Rappler.com

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