Headline Inflation Report from the PSA: - The Philippines’ headline inflation or overall inflation slowed down further to 2.8 percent in January 2024. This is the lowest inflation rate since the 2.3 percent inflation rate recorded in October 2020. Inflation rate was recorded at 3.9 percent in December 2023, while it was 8.7 percent in January 2023. - The downtrend in the overall inflation in January 2024 was primarily brought about by the slower annual increment of food and non-alcoholic beverages at 3.5 percent in January 2024 from 5.4 percent in the previous month. Also contributing to the downtrend was housing, water, electricity, gas and other fuels with slower annual increase of 0.7 percent during the month from 1.5 percent in December 2023.