By Genalyn Kabiling
The government has pledged to help the Filipino families cope with the soaring consumer prices after the country’s August inflation reached 6.4 percent.
“The Administration is taking steps to address the challenges, particularly rising prices, faced by Filipino families,” Presidential Spokesman Harry Roque said in a statement.
“The President’s economic team continues to monitor inflation with vigilance as government takes action to assist the poor while keeping the macroeconomy stable,” he added.
The Philippine Statistics Authority (PSA) earlier announced that inflation reached a nine-year high of 6.4 percent, exceeding government forecast of 5.9 percent. Inflation, or the rate of increase in prices of basic goods and services, hit 6.6 percent in March 2009.
Authorities said inflation was driven largely by surging prices of food and sin products such as alcohol and tobacco.
President Duterte earlier signed the controversial Tax Reform for Acceleration and Inclusion (TRAIN) law that imposed higher excise taxes on fuel, cigarettes, sugary drinks and vehicles to compensate for the lower personal income tax. The tax reform law has been blamed by some lawmakers and other groups for the rising costs in the country.