PH INFLATION CONTINUES SLOWDOWN, RECORDS LOWEST RATE IN 13 MONTHS
The country’s inflation rate continued to slow down for the fifth consecutive month, registering its lowest rate in 13 months, according to the National Economic and Development Authority (NEDA).
The Philippine Statistics Authority reported today that inflation eased further to 5.4 percent in June 2023 from 6.1 percent in May 2023, marking the lowest rate since June 2022.
“We are making progress in managing inflation and we can expect that it will decline to within 2-4 percent by the end of the year. The government remains committed to protecting the purchasing power of the Filipino people by ensuring food security, reducing transport and logistics costs, and lowering energy costs for Filipino households” said NEDA Secretary Arsenio M. Balisacan.
The slowdown is primarily attributed to slower food inflation, which declined to 6.7 percent from 7.5 percent in the previous month. Non-food inflation likewise decelerated to 4.1 percent in June from 5.0 percent in May 2023.
The slowdown in food prices is due to slower inflation of meat (0.3% from 3.2%), eggs & dairy products (11.2% from 12.1%), and bread & other cereals (11.0 % from 11.4 %).
The country‘s chief economist added that government has been swift to provide immediate solutions to mitigate the effects of rising prices, particularly for the most vulnerable sectors.
In line with this, the President recently approved the Department of Social Welfare and Development’s food stamp program, which is expected to begin pilot implementation this month. The program will provide access to food for poor and vulnerable households through monetary-based assistance using electronic cards with PHP3,000.00 worth of food credits.
“Meanwhile, the Inter-Agency Committee on Inflation and Market Outlook will continue to take proactive steps to address the main causes of inflation. This is particularly important considering the impending El Niño, which poses risks to food supply and prices,” Balisacan said.
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