The annual inflation rate in the Philippines rose to 4% in March, hitting the government's target for the 2022-2023 period, official figures showed on Tuesday.

The March rate was up from 3% in February.

The largest contributor of the inflation was transport prices, which was up 10.3% last month on a yearly basis due to the increasing fuel prices, according to the Philippine Statistics Authority.

The inflation was 4.8% for alcoholic beverage and tobacco, 2.6% for food and non-alcoholic beverages, and furnishings, household equipment and routine household maintenance.

Among food groups, the highest increase was seen in oils and fats with 9.1%, followed by sugar, confectionery and desserts with 6.2%, and fish and other seafood with 3.6%.