In a news conference, PSA chief Dennis Mapa said the uptrend in overall inflation in March was primarily influenced by the higher year-on-year increase in the heavily weighted food and non-alcoholic beverages, which increased to 5.6 percent in March from 4.6 percent in February.
Rice inflation rose to 24.4 percent last month, accounting for 1.8 percentage points or 48 percent of the overall inflation for the month, Mapa said.
The faster annual increases in the indices of transport, as well as restaurants and accommodation services also contributed to the upward price pressures in March.
Despite the upward trend in March, the average inflation rate for the first quarter stands at 3.3 percent, within the government's targeted range of 2 to 4 percent for the year.
National Economic and Development Authority Secretary Arsenio Balisacan said the government will secure the country's food and energy supplies while addressing potential price fluctuations, as El Nino conditions persist and La Nina threatens the latter half of the year.
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