The Philippine Statistics Authority reported that the rate of price increase for consumer goods and services in December 2023 remained down for the third consecutive month.

National Statistician and PSA chief Claire Dennis Mapa reported a 3.9% inflation rate in the last month of 2023, a decrease from the 4.1% rate in November 2021.

Inflation in December fell within the BSP’s forecast range of 3.6% to 4.4%, marking the slowest inflation print for 2023 and the lowest since February 2022.

Last month’s rate brought the full-year 2023 figure to stand at 6%, still above the government’s ceiling of 2% to 4%.