Duterte’s sound economic policies led to inflation downtrend —Palace

Malacañang on Tuesday credited President Rodrigo Duterte’s “strong political will” and his administration’s economic policies for inflation’s downtrend.

Inflation—or the pace of increase or decrease in commodities prices—further eased to 0.8% in October, the slowest rate since April 2016’s 0.7% or during the latter part of the previous administration’s term.

The slowdown was a result of declines in the prices of food and non-alcoholic beverages, National Statistician Claire Dennis Mapa said, as year-to-date inflation settled at 2.6%.

“This should be good news to all Filipinos, especially to President Rodrigo Roa Duterte’s doubters or cynics unless they see it otherwise, which would then reveal that what they are solely interested in is for this administration to fail,” presidential spokesperson Salvador Panelo said.

“This positive development is a testament that President Duterte’s strong political will, together with his economic team’s sound and working macroeconomic policies and measures, contributed to the downward trend of prices and goods.”

Still, Panelo said the government would continue to monitor prices especially since the Christmas season—usually associated with robust consumer spending—is just around the corner.

The government targets inflation to settle within 2 to 4% this year. —VDS, GMA News