Marcos on 8.1% inflation rate: Production must be improved

Following the 8.1 percent inflation rate in December 2022, President Ferdinand "Bongbong" Marcos Jr. underscored the need to improve production, especially on agricultural products.

Marcos also attributed the high inflation rate to too much importation.

"It’s still agricultural products, 38 percent of the inflation --- 11 percent is fuel, 38 percent is agricultural products pa rin. Kaya’t kailangan talagang ayusin ‘yung production natin. Kasi import tayo nang import. So ‘yung inflation doon sa ini-importan (import) natin nadadala dito sa Pilipinas," Marcos told reporters in Beijing.

"Kaya’t we have to improve our production. We have to improve all of that.  Kaya naman talagang central ang agriculture sa lahat. Thirty eight percent of the inflation comes from the agricultural products. We talked about fuel. Eleven percent ang fuel. So ‘yun ang dalawa talaga na kailangan natin tutukan," he added.

The 8.1 percent inflation rate is the fastest since November 2008’s 9.1%, according to National Statistician and PSA chief Claire Dennis Mapa.

Last month’s figures also fell within the Bangko Sentral ng Pilipinas’ (BSP) projection range of 7.8% to 8.6%.

The December print brought the year-to-date average to 5.8%, surpassing the government’s ceiling of 2% to 4% but hitting its assumption for the entire year which took into account higher food and transport costs.—LDF, GMA Integrated News