MALACAÑANG said on Friday prevailing “external factors” have contributed to the faster rise in inflation rate, which reached 6.4 percent in July despite the series of rollbacks in oil prices in the same period.
Press Secretary Beatrix “Trixie” Cruz-Angeles said they anticipated the trend, which was mentioned by President Ferdinand “Bongbong” R. Marcos, Jr. in his State of the Nation Address (SONA) last week.
“These were projected even before, given the inputs due to the international events that have led to the increase in the prices of petroleum. So all of these had been factored and in fact, were even mentioned in the State of the Nation [Address] of the President,” Angeles said in a press conference on Friday.
The Palace official said they expect the high inflation rate to eventually stabilize in the coming months.
“We’ll just wait until it evens out, and the details of which should be asked of the DOF (Department of Finance),” Angeles said.
On Friday, the Philippine Statistics Authority (PSA) said the inflation rate in July quickened to 6.4 percent compared to the 6.1 percent in June.
It noted the top contributors to the acceleration of inflation for July were food and nonalcoholic beverages, fish and other seafood, meat as well as sugar. confectionery and desserts.
Marcos said earlier the country’s reliance on imported staples such as rice and corn is pushing up the prices of the food items.
International events such as the ongoing war between Ukraine and Russia as well as rising price for farm inputs, particularly fertilizers, have led to higher food prices in the international market.
Marcos, who is also the Agriculture Secretary, said he plans to address this by boosting local food production.
Pending the said measure, however, the government intends to allow importations to keep the prices of some key food items such as pork and even sugar affordable.
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