Malacañang has welcomed the slowdown of the country’s inflation rate, saying ensuring stable prices of basic goods will remain "a topmost priority" of the government.
The government is committed to keep tabs on consumer prices and ensure uninterrupted movement of goods during the coronavirus pandemic, according to Presidential spokesman Harry Roque.
"The Palace considers the easing of the August 2020 inflation to 2.4 percent a positive development. We credit this to the gradual re-opening of the economy, where we see a decrease in food prices," Roque said.
"Keeping the prices of basic commodities stable in this period of global health crisis and economic uncertainty remains our topmost priority. This is in line with the vow of President Rodrigo Roa Duterte that no Filipino gets hungry amid the COVID-19 pandemic," he said.
The inflation rate eased to 2.4 percent in August from 2.7 percent in July. The figure however was higher than 1.7 percent inflation rate posted in August last year.
Roque said they will continue to monitor prices of basic goods and "make sure there is unhampered flow in the movement and delivery of essential commodities to other places, notwithstanding the localized actions imposed in some areas."
He said the government is also encouraged by data showing the agriculture sector's resilience, and proving the effectiveness of President Duterte's policies and programs for farmers and fishermen. "We will sustain these programs to boost agricultural production in the long-term," he said.