Malacañang said it would step up its game to address the socioeconomic concerns of the country after the Philippine Statistics Authority (PSA) reported the country’s highest inflation rate since January 2019.
Communications Secretary Martin Andanar made this statement after the country’s inflation rate hit 4.9 percent in April amid rising prices of oil, electricity, and other commodities.
In a statement on May 5, Andanar said the government is closely monitoring the situation and vowed to work on it with urgency.
“The Executive, particularly our Economic Team, is closely monitoring the increase in the country’s inflation, which stands at 4.9 percent in April 2022,” he said.
“We shall work double-time to address the socioeconomic concerns of our people while taming high prices of goods and commodities,” he added.
The latest figure that the PSA released on Thursday is a 0.9-percentage-point increase from the 4 percent recorded in March.
It is also higher than the government’s target range of two to four percent.