Palace pins blame on world oil prices for soaring PH inflation

President Rodrigo Duterte

MANILA – Malacañang on Friday blamed high global crude prices for the uptick in inflation.

Inflation clocked in at 6.7 percent last month, the fastest since February 2009 when it came in at 7.2 percent, but slightly below the 6.8 percent forecast of the Bangko Sentral ng Pilipinas.

Alam naman po natin na ang pinagsisimulan niyan ay iyong pagtaas po ng presyo ng krudo – tumaas na naman po ang presyo ng krudo,” presidential spokesperson Harry Roque told dzMM radio.

Roque’s statement echoed that of President Rodrigo Duterte who said on September 21 that oil price is the major driver of inflation.

The Palace official added the government is addressing inflation through measures such as removing administrative constraints and non-tariff barriers in the importation of agricultural products.

Asahan ninyo po na hindi tayo matutulog sa pansitan,” Roque said.

In a joint statement, the government’s economic team composed of the Departments of Finance, Budget and Management, and National Economic and Development Authority linked the latest inflation figure to the onslaught of typhoon “Ompong” in Northern Luzon last month.

“Supply disruptions caused by the onslaught of Typhoon Ompong in the regions of Ilocos, Cagayan, and Cordillera Autonomous Region put upward pressures on food prices,” the team said.

The damage to agriculture, including facilities and infrastructure, amounted to P26.8 billion, has kept the price of the country’s staple grain elevated despite the arrival of some imported rice and the improvement in the rice stocks of the National Food Authority, it said. (GMA News)


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