The pace of consumer price increases slowed for the second consecutive month in March, an encouraging sign in the government’s effort to tame the most pressing issue hounding the Marcos administration. Data from the Philippine Statistics Authority (PSA) released Wednesday, April 5, showed that the headline inflation clocked in at 7.6 percent last month, down from 8.6 percent in February. Year-on-year, it quickened from 4.0 percent. March’s actual inflation rate was within the Bangko Sentral ng Pilipinas’ forecast of 7.4 percent to 8.2 percent, but still well above the government target band of 2.0 percent to 4.0 percent. In a briefing, National Statistician Claire Dennis Mapa said the slowdown was due to moderate increase in food, transport, and utility prices during the month. Food inflation decelerated to 9.5 percent from 11.1 percent in February. This can be attributed to a slowdown in the price increases of vegetables (20 percent from 33.1 percent), meat (4.6 percent from 6.5 percent), and sugar (35.2 percent from 37 percent). The PSA also reported slower inflation in electricity (11.7 percent from 15.5 percent). Additionally, there was a reduction in the cost of private transportation (-5.6 percent from 6.2 percent) as the prices of diesel, gasoline, and liquefied petroleum gas dropped. However, National Economic and Development Secretary Arsenio M. Balisacan said inflation remains the most pressing issue that the government must monitor and urgently address even it is beginning to slow down. “Protecting the purchasing power of Filipinos, especially the most vulnerable sectors of the economy, is one of the top priorities of the administration,” Balisacan said in a statement. Core inflation, which excludes selected volatile food and energy items, further climbed to 8.0 percent in March, the highest since March 1999’s 8.1 percent. In Metro Manila, inflation eased from 8.7 percent in February to 7.8 percent. It also decelerated in all regions except for the Bangsamoro Autonomous Region of Muslim Mindanao. Inflation for the bottom 30 percent of households also improved, declining to 8.8 percent in from 9.7 percent a month ago. In a separate statement, Finance Secretary Benjamin E. Diokno said the moderating price pressures was a welcome development and the government is determined to sustain this downtrend. “On the fiscal side, we are resolute in our commitment to intensify the timely implementation of direct measures to curb persistent inflation and mitigate its impact on the most vulnerable sectors,” Diokno said. In the first three-months of the year, inflation averaged at 8.3 percent, still above the government’s target of 2.0 percent to 4.0 percent. Earlier, President Marcos said that inflation was “problem that makes me unable to sleep.” “That’s what I lose sleep every night over is how to bring down inflation,” the chief executive was quoted as saying last Jan. 24. Local food supply constraints and rising global commodity prices led to high inflation rates in early 2023.