The uptrend in the overall inflation in February was primarily influenced by the higher year-on-year increase in the heavily-weighted food and non-alcoholic beverages at 4.6 percent, PSA head Dennis Mapa told a press conference.
The data showed that rice remained the top contributor to the higher inflation rate, recording a 23.7 percent price rise in February, the highest since February 2009.
The rice price has become one of the most urgent concerns for Filipinos.
"Rice inflation contributed 1.6 percentage points of the 3.4 percent headline inflation in February 2024, so that's about 47 percent or almost half of the February inflation rate," Mapa said.
This month's 1.2 percent increase in annual transport from a yearly decline of 0.3 percent in January also contributed to the uptrend, Mapa added.
However, the core inflation, excluding selected food and energy items, slowed to 3.6 percent in February from 3.8 percent in January.
National Economic and Development Authority Secretary Arsenio Balisacan warned that the potential impact of a strong El Nino weather pattern on food prices is a significant concern for the community.
"Rising transportation costs, electricity rates, and volatile oil markets are putting pressure on household finances," the country's chief economic planner said.
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