Inflation hits 3-year low; Palace not complacent

THE government will double its efforts to keep consumer price adjustments at its slowest pace despite a three-year-low inflation rate of 0.8 percent in October 2019, Malacañang said on Tuesday, November 5.

"This should be good news to all Filipinos, especially to President Rodrigo Roa Duterte's doubters or cynics unless they see it otherwise, which would then reveal that what they are solely interested in is for this Administration to fail," Presidential Spokesperson Salvador Panelo said in a statement.

"As inflation continues to drop, the current government will continue to not let its guard down in monitoring the prices of basic commodities, especially now that we are in the -ber months, approaching Christmas season," he added.

The headline inflation in October further eased to 0.8 percent from 0.9 percent in September, the Philippine Statistics Authority (PSA) reported Tuesday.

The PSA also noted that the latest inflation was lower compared to October 2018’s 6.7 percent and lowest since May 2016’s 0.9 percent.

Panelo attributed the three-year-low inflation rate in October to the country’s economic managers.

"Bringing a comfortable life for all Filipinos, which includes taming inflation, is the foremost socioeconomic goal of the Duterte Administration," Panelo said.

"This positive development is a testament that [Duterte‘s] strong political will, together with his economic team’s sound and working macroeconomic policies and measures, contributed to the downward trend of prices and goods," he added. (NASE/SunStar Philippines)


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