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Manila Bulletin devider Business devider Trade & Industry devider Pascual welcomes lower inflation rate

Pascual welcomes lower inflation rate

Published Feb 6, 2024 07:42 am

Trade and Industry Secretary Alfredo E. Pascual welcomed the country's improved inflation rate in January as a positive sign of economic growth throughout 2024.

The Philippine Statistics Authority (PSA) announced on Feb. 6 that the inflation rate has decelerated to 2.8 percent from 3.9 percent in December last year.

This current inflation rate is notably the lowest recorded by the PSA since October 2020, affirming the Bangko Sentral ng Pilipinas' (BSP) January forecast.

For Pascual, this is a testament to the national government's strategic efforts to stabilize prices, and foster business-friendly environments for investors and businesses.

“This decline in inflation signifies a strengthening economy where businesses can thrive, investments can flourish, and the Filipino people can enjoy more affordable goods and services,” said Pascual.

According to the PSA, the lower food inflation of 3.3 percent from 5.5 percent was the primary contributor to the inflation rate's general decline. It cited the reduction in prices of items such as corn, oils and fats, meat, and sugar.

However, rice inflation spiked to 22.6 percent last month from 19.6 percent in December.

Nonetheless, Pascual urged all government sectors to cooperate as the country braces for potential local and global headwinds.

The government saw a full-year average inflation rate of six percent for 2023. 
 

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