Inflation picks up in March due to higher clothing and fuel prices

(UPDATED) Inflation picked up in March due to rising clothing, fuel, light and water, as well as service prices, the National Statistics Office reported on Tuesday. Inflation hit 4.4 percent in March from 4.2 percent in February and 6.4 percent a year earlier, even as food, beverage and tobacco posted a slower rise in prices, the NSO said in a statement. In a separate statement, the central bank said the figure was within its forecast of 3.9-4.8 percent for the month. It said it would continue monitoring emerging risks to the inflation outlook to ensure stable prices while sustaining economic recovery. The yearly inflation rate in the National Capital Region picked up to 5 percent in March from 4.1 percent in the prior month. "Higher annual price increases in housing and repairs; fuel, light and water; and the service index contributed to the uptrend," the NSO said. Meanwhile, the annual inflation rate outside the NCR eased to 4.1 percent last month from 4.3 percent in February due to the slower rise in the prices of food and sin products, as well as housing and repairs. Excluding selected food and energy items, core inflation increased to 3.9 percent in March from 3.6 percent in the prior month. — N.P. Aquino, GMANews.TV