Pres. Marcos Jr., says inflation is currently a problem everywhere, disagrees with the 6.1 percent inflation rate cited by PSA
Screenshot of President Ferdinand Marcos Jr’s first press briefing in Malacanang on Tuesday, July 5, 2022 (Courtesy PTV/RTVM)
(Eagle News) – The Philippines’ annual headline inflation reached 6.1 percent last June, considered the “highest recorded inflation since October 2018” mainly due to the rise of inflation in food and transport sector, according to data from the Philippine Statistics Authority (PSA).
But President Ferdinand Marcos Jr., believes that the inflation may not be that high.
“I think that I will have to I will have to disagree with that number. We are not that high,” Marcos Jr., said in his first ever press briefing on Tuesday, July 5.
He said that higher inflation is a problem not just in the Philippines, but also in other countries.
“The inflation rate is a problem, not just in the Philippines, but everywhere,” the President said.
But he said unfortunately, the country may have crossed the threshold of their target of four percent.
-Much of inflation, imported, says PBBM-
He said much of the inflation experienced in the country right now was “imported inflation.”
“The forces that have pushed the commodity prices up are against our control. Much of our inflation is actually imported inflation,” the President said.
“It is imported because it is the inflation on the products that have suffered inflation that import. So sumama na yung inflation nila sa atin,” the President explained.
He also cited the rise of the US dollar against all currencies, and this has a specific impact on the country’s inflation.
A woman walks past a street stall in Quiapo, Manila on July 5, 2022. (Photo by JAM STA ROSA / AFP)
Last May, the inflation was at 5.4 percent, while in June last year, it was at 3.7 percent.
“Average inflation for the first half of the year was posted at 4.4 percent,” the PSA said.
Undersecretary and National Statistician Dennis Mapa said that the higher inflation last month (June) was “primarily brought about by the higher annual growth rate in the index for food and non-alcoholic beverages at 6.0 percent” up from 4.9 percent in the previous month.
The transport index also grew by 17.1 percent annually from the 14.6 percent in May 2022.
-Food inflation rises to 6.4 percent-
The “inflation for food at the national level rose further to 6.4 percent in June 2022, from 5.2 percent in May 2022.” In June last year, food inflation was lower at 3.9 percent.
Mapa said that the “acceleration in the food inflation was primarily influenced by the higher annual growth in the meat and other parts of slaughtered land animals index at 8.1 percent.”
Fruits and nuts also contributed to the rise in food inflation. This registered an inflation rate of 1.1 percent, from -2.4 percent in the previous month.
A lower inflation was however observed in vegetables, tubers, plantains, cooking bananas and pulses food group.
The PSA also noted an increase in inflation in Metro Manila to 5.6 percent in June 2022, from 4.7 percent the previous month.
As with the national inflation rate, the inflation in Metro Manila was mainly due to the rise of prices of food and non-alcoholic beverages, and of transport.
Inflation outside Metro Manila likewise increased to 6.3 percent also due to food and non-alcoholic beverages, as well as the transport index.
(Eagle News Service)