Salceda: Controlling meat prices crucial to keeping inflation rate down

Albay 2nd district Rep. Joey Salceda (PPAB)

The key to maintain the current inflation slowdown is to keep an eye on meat prices.

Thus, said economist-solon Albay 2nd district Rep. Joey Salceda, who reckoned on Friday, April 4 that the inflation rate drop last month was "expected".

"As expected, inflation continues to slow down as the price pressures present last year on rice and other key commodities are no longer as heated," Salceda said.

"Year-on-year, the price of rice notably declined by 7.7 percent, a welcome development that was anticipated by the House Murang Pagkain Supercommittee," he added. The Bicolano chairs the special joint panel.

Salceda says he further expects prices of rice to continue to decline year-on-year, before resuming a slightly positive inflation rate in the middle of 2025.

"That said, we must remain vigilant about the prices of meat, which is in larger part determined by the price of corn," noted Salceda, also a chairman of the House Committee on Ways and Means.

"While corn prices declined by 1.6 percent year-on-year, meat prices increased by 8.2 percent," he said.

Salceda said fish prices "are also relatively high".

"I expect the rates to be lower next year, as low corn prices are typically forward indicators of reduced meat and fish prices in latter months, but the inflation rate for meat is still cause for some concern," he explained.

Salceda highlighted the importance of meat in a person's diet and its physiological effects.

"Meat prices will have a significant impact on the nutritional balance of the household diet. Our neighbors are investing in this, alongside education in STEM (science, technology,  education, mathematics), which seems to be linked with protein sufficiency," he said.

"With the rice price problem tapering off, we must continue to find solutions to the prices of vegetables, meat, and fish, which will ultimately determine whether we have a healthy, capable workforce that can withstand the volatilities of the global economy, as we have experienced recently with Trump’s tariffs and ongoing overseas conflicts," he further said.

The Philippine Statistics Authority (PSA) said inflation in March slowed to a six-month low of 1.8 percent, from 2.1 percent in February. In March last year, the rate was 3.7 percent.