Palace vows to redouble efforts vs inflation

MANILA – The Duterte administration would redouble its efforts to tame the rapid increase in consumer prices, Malacañang assured the public on Tuesday.

This, after the Philippine Statistics Authority (PSA) reported that the country’s headline inflation rose to 4 percent in March.

In a press statement, Communications Secretary Martin Andanar, also acting presidential spokesperson, acknowledged that the inflation quickened in March because of the “upward trend in transport, gas, other fuels, among others.”

Andanar, nevertheless, said the government would not let its guard down, noting that it continues to monitor the prices of basic commodities.

“Our economic managers continue to keep a tight watch over inflation as it hits 4 percent in March 2022,” Andanar said. “Having said this, we will not relax in our efforts and will work twice as hard to address the national issue of higher prices.”

The March’s 4-percent inflation rate is faster than the 3 percent recorded in January and February, National Statistician Undersecretary Dennis Mapa said in a press conference.

Mapa said food and non-alcoholic beverages; housing, water, electricity, gas, and other fuels; and transport are the main contributors to the faster inflation in March.

Average inflation for

January to March 2022 settled at 3.4 percent, Mapa said.

The latest headline inflation is within the Bangko Sentral ng Pilipinas (BSP)’ forecast of 3.3 to 4.1 percent.

The BSP projected a rise in domestic inflation rate for March 2022 due to an uptick in oil prices.

It also adjusted its average inflation projection to 4.3 percent from 3.7 percent for 2022 and to 3.6 percent from 3.3 percent for 2023. (PNA)