By Genalyn Kabiling
Malacañang has hailed the slowdown in the country’s inflation rate recorded last month and vowed to continue to ensure stable consumer prices.
“Inflation has slowed down, registering 6% in November, as per the report of the Philippine Statistics Authority (PSA). The Palace accepts this as good news,” Presidential Spokesman Salvador Panelo said.
Panelo attributed the lower inflation to the President’s “empathy to public clamor” and his “decisive action” to stabilize the prices of agriculture and fishery products at reasonable levels as well as keep their sufficient supply in the markets.
To temper the soaring inflation rate, Duterte authorized in September the removal of non-tariff barriers, streamlining importation procedures for agricultural products, and seamless transportation of the commodities from the port to the public markets.
“These measures address issues on food supply, among others, as there is a marked decrease in food inflation from 9.4% in October to 8% in November. Prices of rice, corn, fish, meat, fruits and vegetables have gone down,” Panelo said.
“We assure everyone that we will continue to be vigilant and monitor the prices of basic goods and commodities to ensure that hunger incidence and food insecurity are eradicated,” he added.
The Philippine Statistics Authority reported that the country’s inflation slowed down to 6 percent in November, from 6.7 percent recorded in October. It was considered the first decline this year.
Authorities earlier projected a lower inflation in November amid the drop in global oil prices, stronger peso, and improved supply of rice and other agricultural products.