DTI says gov’t remains focused on price stability as inflation hits 3.4%

THE Department of Trade and Industry (DTI) said on Tuesday that the government is “prepared” to deal with the inflation uptick to 3.4% in February and assured that it remains focused on keeping prices stable.

“While the uptick in the inflation rate requires our attention, it is crucial to understand it within the broader context of our dynamic global and domestic economic environments,” Trade Secretary Alfredo E. Pascual said in a statement.

“Underpinned by robust fiscal and monetary policies, we are well-prepared to navigate through these inflationary pressures. We remain steadfast in our balanced approach to economic management — sustaining economic growth while ensuring price stability,” he added.

The Philippine Statistics Authority reported on Tuesday that consumer price index growth accelerated to 3.4% in February from 2.8% in January, due to higher food prices, particularly rice.

“This inflation figure is still within the government inflation target, which is within 2% to 4%,” the Trade department said.

Earlier this year, the DTI said that it expects prices of basic necessities and prime commodities (BNPCs) to increase 6% this year, lower than the 10% in 2023.

The DTI is working on the price adjustment applications for 63 SKUs (stock keeping units), including canned sardines, processed milk, coffee, bread, instant noodles, bottled water, canned meat, condiments, soap, candles, batteries, and other items covered by the suggested retail price (SRP) scheme.

On Jan. 12, the DTI announced the completion of the review of price adjustment applications for nine SKUs, while another round of approvals was rolled out for nine SKUs on Jan. 17.

The DTI hopes to approve all the pending price adjustment applications this month, which is also when it plans to release an updated SRP bulletin. —