MANILA, Philippines — The country’s inflation rate is already on a “downward trajectory” and is seen to ease this year, National Economic Development Authority (Neda) Secretary Arsenio Balisacan said on Thursday.
“We are actively monitoring the situation and implementing the necessary measures to ensure that by the end of the year, we should be on our target of around 4 percent… between 3.5 and 4 percent. So we are on that downward trajectory already,” Balisacan added.
Balisacan said this when asked in a Palace briefing if the government was already seeing an easing in the country’s inflation rate.
The country’s inflation rate eased to 7.6 percent in March, the second month in a row since the 8.7 percent in January.
National Statistician Dennis Mapa said this was mainly due to slower price increases in the food and non-alcoholic beverages group of commodities as well as in transport and housing, utilities and fuel.
In February, President Ferdinand “Bongbong” Marcos Jr. said he was expecting to see the country’s inflation rate going down after hitting 8.7 percent in January. —BY DAPHNE GALVEZ