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8.1% inflation rate calls for improved agri production—Marcos

Published Jan 5, 2023 06:18 pm

The higher inflation rate recorded in December calls for an improved production of agricultural products in the country, President Ferdinand "Bongbong" Marcos Jr. said.

President Ferdinand "Bongbong" Marcos Jr.

An inflation rate of 8.1 percent was recorded in December, 2022, which is .1 percent higher than the one recorded in November.

While it only increased by .1 percent after a month, Marcos raised concern over agricultural products being the largest contributor of inflation.

"At least 8.1, nag-increase lang ng (only increased by) .1 and the rate of increase is slowing. It's still agricultural products: 38 percent, 11 percent is fuel, 38 percent is agricultural products pa rin," Marcos said during an interview with the Philippine media delegation on Thursday, Jan. 5.

With this, the President said, the government must improve its production of meat, grains, fruits and vegetables to eliminate the imported inflation gained from importing agricultural goods.

"Kaya't kailangan talagang ayusin yung production natin kasi import tayo nang import kaya yung inflation dun sa ini-import-an natin ay nadadala dito sa Pilipinas (So, we have to improve our production because we keep on importing, bringing the inflation from where we are importing from to the Philippines)," Marcos said.

"Kaya (So), we have to improve our production, we have to improve all of that kaya naman talagang central ang agriculture sa lahat (that's why agriculture is the central of all)," he added.

Aside from agricultural goods, fuel also contributes 11 percent to the inflation number.

"So itong dalawa ang kailangan nating tutukan (we need to prioritize these two)," Marcos said.

Last month, the chief executive said the 8 percent inflation in November was "running rampant" and "out of control" but was quick to add that the country's economy is on track to recovery.

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Bongbong Marcos Inflation rate 10523 agri products President Marcos
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