Salceda lists down costly food items; urges gov't action
Published Apr 5, 2023 05:53 am
Prices of corn, flour, and seafood prices remain expensive despite the easing of inflation from 8.6 percent in February to 7.6 percent in March.
Albay 2nd district Rep. Joey Salceda (Facebook)
Economist-solon Albay 2nd district Rep. Joey Salceda mentioned these specific goods in his inflation rate assessment Wednesday, April 5, noting that these are the "things to watch out for and act upon" moving forward. "Corn remains expensive, at 11.7 percent YOY (year-on-year) inflation. This will continue to have impacts on the price of meat, fish, processed food, and other key commodities," Salceda, chairman of the House Committee on Ways and Means, said in a statement. "There are signs of a downward momentum in prices, with MOM (month-on-month) inflation being at negative 0.7 percent – but El Niño looms large as an upside risk to price," he said. Meanwhile, Salceda said flour and bread remain expensive at 11.7 YOY inflation. "Price issues in this area will persist as the Russia-Ukraine conflict continues," he said. Salceda was referring to Russia's invasion and subsequent occupation of parts of neighboring Ukraine, which began on Feb. 24, 2022. Ukraine is among the world’s largest producers of wheat. "Fish and seafood prices remain high at 9.9 percent," the Bicolano further said. "There is reason to believe that inflation in this area will be higher by April, due to the Mindoro oil spill as well as the generally warmer climate," he said. As for the sugar price issue, Salceda said that the problem has to do with structure. "Thirty-five percent YOY inflation when global sugar inflation levels are closer to 8.5 percent is an untenable situation for food and beverage manufacturing. If we continue to avoid difficult reforms in this area, we will continue to pay the price." At any rate, Salceda said the slower inflation in March gives Filipinos ample room to absorb potential shocks in the global monetary and financial environment. "It also anchors inflation expectations, allowing businesses and consumers to make firmer decisions about their spending and investing activities this year," he said.
Albay 2nd district Rep. Joey Salceda (Facebook)
Economist-solon Albay 2nd district Rep. Joey Salceda mentioned these specific goods in his inflation rate assessment Wednesday, April 5, noting that these are the "things to watch out for and act upon" moving forward. "Corn remains expensive, at 11.7 percent YOY (year-on-year) inflation. This will continue to have impacts on the price of meat, fish, processed food, and other key commodities," Salceda, chairman of the House Committee on Ways and Means, said in a statement. "There are signs of a downward momentum in prices, with MOM (month-on-month) inflation being at negative 0.7 percent – but El Niño looms large as an upside risk to price," he said. Meanwhile, Salceda said flour and bread remain expensive at 11.7 YOY inflation. "Price issues in this area will persist as the Russia-Ukraine conflict continues," he said. Salceda was referring to Russia's invasion and subsequent occupation of parts of neighboring Ukraine, which began on Feb. 24, 2022. Ukraine is among the world’s largest producers of wheat. "Fish and seafood prices remain high at 9.9 percent," the Bicolano further said. "There is reason to believe that inflation in this area will be higher by April, due to the Mindoro oil spill as well as the generally warmer climate," he said. As for the sugar price issue, Salceda said that the problem has to do with structure. "Thirty-five percent YOY inflation when global sugar inflation levels are closer to 8.5 percent is an untenable situation for food and beverage manufacturing. If we continue to avoid difficult reforms in this area, we will continue to pay the price." At any rate, Salceda said the slower inflation in March gives Filipinos ample room to absorb potential shocks in the global monetary and financial environment. "It also anchors inflation expectations, allowing businesses and consumers to make firmer decisions about their spending and investing activities this year," he said.