INFLATION CONTINUES IN THE COUNTRY FOR THREE CONSECUTIVE MONTHS

Straight month of inflation in the Philippines (Photo courtesy of Grig Montegrande/Inquirer)

For the third consecutive month of accelerating inflation or an increase in goods and services in the country, April inflation reached 3.8% where the transportation and food sectors were most affected by high prices.

According to the Philippine Statistics Authority (PSA), the increase in prices in the markets is continuous, the increase in the price of goods and services in the Philippines has accelerated even more than a month ago. With the PSA record reaching 3.8% this April, this is the third consecutive monthly increase in inflation.

The most affected are the price hikes in transportation, food, and non-alcoholic beverages. In April, the price of some types of rice increased slightly, with regular milled rice rising to P51.25 per kilo compared to P51.11 in March. While the price of well-milled and special rice was only modestly reduced.

According to PSA, it depends on the supply from the world market and local production if the price of rice continues to drop. Aside from rice, some vegetables also affected inflation, although the price of vegetables dropped to P126 per kilo, but its decrease was low compared to the previous months.

According to the National Economic and Development Authority (NEDA), the government is already taking steps to ensure food security in the country amid El Niño and in coming La Niña. He said it is necessary to strengthen local agricultural production to ensure adequate supply.

President Bongbong Marcos previously signed Executive Order No. 59 to speed up the implementation of infrastructure projects. Some projects according to NEDA will help to quickly deliver agriculture products to the market to help lower commodity prices.

Source: Philippine News Agency

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