MANILA – The Malacañang on Friday said soaring prices of basic commodities are now a “thing of the past” as inflation resumed its downtrend in June.
Inflation slowed to 2.7 percent in June from 3.2 percent in May, the slowest since September 2017 when it clocked in at 3.0 percent.
The Philippine Statistics Authority attributed the downward trend of inflation to the lowered price of rice as an effect of the Rice Tariffication Law, signed by President Rodrigo Duterte early this year, and the continuous decrease in prices of petroleum and gasoline, as well as other basic commodities.
“Soaring inflation has been slayed. It is now a thing of the past,” presidential spokesperson Salvador Panelo said, referring to last year’s inflation woes.
Panelo credited the economic managers and lawmakers for the positive development.
He also thanked the people for their patience and trust while surging inflation was being “decisively addressed” by the administration.
Panelo then gave a message to the administration’s critics.
“You know critics will always find fault. We are used to that. Their wishful thinking is the inflation rate goes up, but sorry to disappoint them,” he said.
“We will sustain our efforts in stabilizing and maintaining the prices of basic goods and services even as we endeavor to improve the day-to-day living of the Filipino people.” (GMA News)
