MANILA: Inflation fell to 0.9 percent in February from 1.3 percent in January, the National Economic and Development Authority (NEDA) reported on Friday. The continuing decline in global oil prices and slower price increase in food items pulled down inflation.
The low inflation this month was also brought about by lower price movement in transport, electricity, gas and other fuels, as well as slower increases in the prices of food and non-alcoholic beverages, clothing and footwear.
“The persistent global oversupply and record stockpile levels of crude oil contributed to this softer inflation, as prices of Dubai oil, Brent and West Texas Intermediate continued to weaken in January 2016,” NEDA Director General and Socioeconomic Planning Secretary Emmanuel Esguerra said.
Downward price adjustments were observed in domestic petrol prices for February based on the numbers in the same month last year: gasoline (-10.4 percent), liquefied petroleum gas (-11.7 percent), diesel (-26.4 percent) and kerosene (-22.6 percent).
