THE country’s headline inflation rate decelerated further in April as prices of food and non-alcoholic beverages continued to slow down, the Philippine Statistics Authority (PSA) reported Tuesday, May 7.
Inflation, which measures the rate of increase in the average prices of a basket of selected goods and services, slowed down for the sixth straight month to 3.0 percent in April, slower than the 3.3 percent in March and 4.5 percent a year ago.
"The slowdown was mainly brought about by the slower annual increase in the heavily-weighted food and non-beverages and non-alcoholic beverages at 3.0 percent," the PSA said.
April's inflation rate fell within the Bangko Sentral ng Pilipinas's forecast of 2.7 percent to 3.5 percent for the month.
Read: Philippine Statistics Authority report on the April 2019 inflation rate
In a statement, Presidential Spokesperson Salvador Panelo said the Palace was "happy" that inflation cooled further in April.
He attributed the slower pace of increase in consumer prices to President Rodrigo Duterte's "strong political will and decisive action."
He also assured that the country's economic team would continue looking for ways to further ease inflation.
"We give credit to the President’s strong political will and decisive action in addressing this national issue. We are confident that inflation would continue to ease by the end of the year," the Palace official said.
"The Government, through the President's economic managers, has been constantly monitoring the prices of basic goods and commodities and will not relax its efforts but will press ahead with programs designed to assist each and every Filipino with their expenses," he added.
Panelo said the latest inflation rate merely proved the success of Duterte's economic policies.
"Much has been said about the economic policies of the Chief Executive. The current disinflation proves [Duterte's] competence in managing our country's economy while it disproves those who criticize him for over-focusing on our nation's peace and order situation," he said. (SunStar Philippines)