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Manila Bulletin devider Philippines devider National devider Salceda credits these three factors for inflation slowdown 

Salceda credits these three factors for inflation slowdown 

Published Nov 7, 2023 08:55 am

At A Glance

  • Economist-solon Albay 2nd district Rep. Joey Salceda identified on Tuesday, Nov. 7 the three commodities that contributed greatly to the lowering of inflation rate to 4.9 percent for the month of October. 
  • Salceda attributed the inflation slide to the low inflation on corn and electricity, as well as international oil price movements.

IMG-abdd32a9f29798f883f1765791011e24-V.jpgAlbay 2nd district Rep. Joey Salceda (Rep. Salceda's office)

Economist-solon Albay 2nd district Rep. Joey Salceda identified on Tuesday, Nov. 7 the three factors that contributed greatly to the lowering of inflation rate to 4.9 percent for the month of October.

"These are very good numbers," Salceda said in a statement. Inflation rate last September stood at 6.1 percent.

In October 2022, the country’s inflation was a fast 7.7 percent. This meant that year-on-year, the inflation rate went down by 2.8 percent.

Salceda says he is attributing the significant year-on-year inflation slide to the low inflation on corn and electricity, as well as international oil price movements.

"Corn inflation is negative 2.4 percent, which has led to lower inflation levels in meat, at just 0.8 percent. As I have often emphasized, there is a very strong argument for more investments in corn – where we can compete with the world," he said.

"President Marcos has been very aggressive about promoting investments in the meat and fisheries sector, and I expect the same level of aggressiveness in this regard from the new DA (Department of Agriculture) secretary, who comes from that sector," Salceda said, referring to Francisco Tiu Laurel.

ALSO READ:

https://mb.com.ph/2023/11/7/romualdez-talks-about-tangible-benefits-of-lower-inflation-rate

The Bicol solon continued: "Oil prices, while still above 80 USD (United States dollar) per barrel, declined from 90 USD per barrel, and fears of a spike in global oil prices did not materialize."

"Higher oil demand due to the -ber months will likely keep oil prices above USD 75 for the next few weeks, however. So, I expect very moderate deceleration of inflation in the operation of personal transport," he said.

Finally, Salceda said "electricity, gas, and fuels also recorded negative inflation, at negative 1.4 percent, largely due to moderately reduced oil prices".

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