Philippine commodity prices posted a growth of 3 percent in April on the back of higher food prices, transport fares, and electricity rates, said the Philippine National Statistics Office (NSO) on Friday.

The latest inflation data showed that inflation in April was higher than the 2.6 percent posted in March but lower than the 4.7 percent posted in April 2011. Month-on-month inflation, meanwhile, increased to 0.8 in April.

With this, the NSO said inflation in the first four months of the year is at 3 percent. This is still within the Central Bank's 3 to 5 percent inflation target this year.

"Higher prices of the items in the heavily-weighted food group particularly corn, fish, processed and canned meat, processed eggs, milk, selected fruits and sugar were noted in many regions including NCR (National Capital Region)," the NSO said.

"In addition, upward adjustments in land transport fares and charges for electricity rates were observed in selected regions including NCR," it added.

National Economic and Development Authority (NEDA) OIC of the National Development Office-Planning and Assistant Director General Ruperto Majuca said the benign inflation environment gives the Southeast Asian country room to accommodate any increase in oil prices this year.

Majuca said that NEDA assumptions showed that if Dubai crude prices settle at 120 U.S. dollar per barrel this year, the country 's full year inflation at 3.62 percent. Even if oil prices reach 130 dollar per barrel, inflation will still be within target at 3. 95 percent this year.

"The April 2012 inflation numbers is within target and presents a really good picture. This is at the lower range of the target and gives us room to adjust should oil prices increase," Majuca said.

The NSO said that inflation in NCR reached 2.5 percent in April. This was lower than the 2.7 percent growth in March and was due to the slower annual gains in the indices of housing, water, electricity, gas, and other fuels and transport.

Year-on-year inflation in Areas Outside NCR (AONCR) increased to 3.2 percent in April from 2.6 percent in March. This was due to higher commodity prices except in the communication and education indices.