Inflation in the Philippines hit 2.1 percent in February, down from 2.9 percent in January, largely due to a decline in food and non-alcoholic beverage prices, according to the Philippine Statistics Authority (PSA).

PSA Assistant Secretary Divina Gracia del Prado credited the Department of Agriculture's food security emergency declaration for helping stabilize rice prices, contributing to the overall inflation slowdown.

Inflation for food and non-alcoholic beverages, which accounted for 58.8 percent of February’s total inflation, dropped to 2.6 percent from 3.8 percent in January. Rice prices saw a 4.9 percent deflation, driven by lower global prices and tariff reductions.

Other contributors to the inflation slowdown included housing, water, gas, and other fuels, which fell to 1.6 percent from 2.2 percent, and transport costs, which recorded a 0.2 percent deflation from 1.1 percent inflation in January.

However, inflation remained high for pork (12.1 percent), poultry meat, restaurants, rental prices, and sea transport costs.