Inflation holds steady in February amid rising oil prices

Headline inflation remained steady at 3.0 percent in February, unchanged from January's rate, as slower food price increases counteracted rising oil costs.

The Philippine Statistics Authority reported that consumer prices in February increased by 0.1 percent from the previous month.

Nationwide food inflation eased to 1.1 percent year-on-year in February from 1.6 percent a month ago.

However, higher energy costs contributed to increased prices in the transport and utilities sectors, with gasoline inflation climbing to 32.1 percent and diesel prices rising to 46.4 percent.

Economists anticipate that the Ukraine-Russia war will further elevate global oil prices and, consequently, inflation worldwide.

Socioeconomic Planning Secretary Karl Kendrick T. Chua stated that the government will use its available resources to provide targeted subsidies to affected sectors.

He added that the government will continue efforts to increase food supply by helping farmers and importing when necessary.