MANILA – Malacañang assured the public on Tuesday that the Duterte administration would redouble its efforts to ease the rapid increase in consumer prices.
This, as the Philippine Statistics Authority (PSA) reported that the country’s headline inflation increased to 4 percent in March.
Communications Secretary Martin Andanar, also acting presidential spokesperson, acknowledged that the inflation quickened in March due to the “upward trend in transport, gas, other fuels, among others.”
Nonetheless, Andanar said the government would not let its guard down, stating 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.”
In a press conference, National Statistician Undersecretary Dennis Mapa stated that the 4-percent inflation rate in March is faster than the 3 percent recorded in January and February.
According to Mapa, food and non-alcoholic beverages; housing, water, electricity, gas, and other fuels; and transport are the main contributors to the faster inflation in March.
Mapa added that the average inflation for January to March 2022 settled at 3.4 percent.
The most recent headline inflation is within the Bangko Sentral ng Pilipinas (BSP)’ forecast of 3.3 to 4.1 percent.
The BSP forecasted a spike in domestic inflation for March 2022 due to an increase 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.
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