Mubasher: Inflation in the Philippines further decelerated year-on-year in February, recording the slowest growth rate in prices of basic goods since a year.

Headline inflation came in at 3.8%, falling within the government’s full-year target range from 2% to 4%, following 11 consecutive months of staying above targeted rates. The inflation rate for last month was the same as the figure recorded one year ago.

The latest reading also came within the 3.7% to 4.5% range expected by the Bangko Sentral ng Pilipinas (BSP).

Compared with January, consumer prices ticked up 0.1% in February, Philippine Statistics Authority (PSA) Deputy National Statistician Josie Perez said.

Year-on-year price surges during February were seen in food and non-alcoholic beverages, alcoholic and tobacco, clothing and footwear, electricity, gas and other fuels among other commodities.

Inflation has been retreating due to lower oil prices the global market and the strengthening of the Philippine peso (PHP).

By 8:59 am GMT, the USD/PHP pair climbed 0.75% to PHP 52.1850.