February inflation declined to 2.1 percent, lowest since September 2024, from 2.9 percent in January after the rice index fell sharply, the Philippine Statistics Authority (PSA) said Wednesday.

The National Economic and Development Authority (NEDA) noted that the deceleration of inflation rate which "is the lowest recorded since September 2024 (of 1.9 percent)" was driven by a slowdown in both food (of 2.6 from 4.0 percent) and non-food inflation (of 1.7 from 2.2 percent).

PSA Assistant Secretary Divina Gracia Del Prado said rice inflation fell by 4.9 percent from 2.3 percent in January.

"Currently, it's - 4.9 percent inflation for rice, but we had a higher or faster decline in 2019 where we had -13.3 percent rice inflation in that year," she said.

Del Prado also expressed belief that the steeper decline in rice inflation was due to the effect of the recent efforts of the Philippine government, including the imposition of the maximum suggested retail price (MSRP) in February and the declaration of food security emergency last January 20.

"I think we are already seeing the impact ng food security emergency on inflation, because of this food security emergency we release our rice buffer stocks from NFA to the LGUs and of course the Kadiwa rice for all programs of the president," she said.

"There is also a plan to lower (the prices) but it will be offered to malls. So if that happens, I think that will also affect the inflation for rice. It may maintain the negative rice inflation or even make it further negative in the next months," she said.

As pork meat became the top contributor for last month's inflation, Del Prado said a possible declaration of MSRP on pork may help lower its price.

"We heard about the news of possible declaration of MSRP on pork. It is not yet implemented but we expect that it will be implemented and given other things constant, can slow down the inflation on pork," she said.

"We have a maximum suggested retail price for rice. I think there were two adjustments made this month. We saw the impact of MSRP on rice so we expect pork to have the same thing," she added.

Del Prado said the increase in prices of pork was mainly because of the continued Avian Swine Flu cases in the country.

PSA monitoring said the price of pig shoulder at the national level for the month of February reached an average of P352.89 per kilo from P337.38 in January.

Pork belly had a national average price of P367.63 in the same month. Robina Asido/DMS