DTI blames steep fuel prices, not TRAIN, for high inflation rate

The Department of Trade and Industry blames the increase in the price of fuel more than the government's implementation of the Tax Reform for Acceleration and Inclusion for the high rate of inflation in the country.

According to Bernadette Reyes' report on "24 Oras", Trade Secretary Ramon Lopez said it was just a matter of ill timing as regards the TRAIN Law.

"Na-wrong timing itong TRAIN implementation but it's a needed reform. But without the TRAIN, kung di tayo nag-TRAIN, makita mo talagang 'yung presyo tataas because of the world oil price," Lopez said.

Since the start of 2018, diesel price went up by more than P5 while the price of gasoline also increased by over P6.

Fuel products are necessary to transport goods.

"Pag wala naman sasakyan, eh di wala na magdala ng isda dito," fish vendor Mila Donor said.

To at least ease the burden of consumers from rising prices of goods, the government said it would ensure that the supplies of basic commodities were sufficient.

"Give it two months to three months. Hopefully we can start to feel 'yung tapering off ng inflation," Lopez said.

The Philippine Statistics Authority disclosed that consumer prices in the Philippines were up 5.7 percent in July, the fastest inflation rate in at least five years.

This was also the seventh straight month that inflation accelerated, or since the 4.0 percent registered in January. —Anna Felicia Bajo/NB, GMA News