National Economic Development Authority (NEDA) Secretary Arsenio Balisacan on Thursday said the country's inflation rate is already on its "downward trajectory."
At a Palace press briefing, Balisacan was asked if the Philippine government is seeing that the inflation rate would ease this year.
"Yeah, we are seeing that... we're actively monitoring the situation and implementing the necessary measures to ensure that by the end of the year, we should be in our target of roughly around 4%, 3.5 (%), 4%," Balisacan said.
"We are on that downward trajectory..." Balisacan added.
Inflation rate further eased in March on the back of slower increase in food, transport, and utility prices during the period, the Philippine Statistics Authority (PSA) said.
National Statistician and PSA chief Claire Dennis Mapa reported that inflation — the rate of increase in the prices of goods and services — decelerated to 7.6% in March from 8.6% in February, bringing the year-to-date rate to 8.3%.
This is, however, still faster than the 4% print in March 2022.
To address high inflation, President Ferdinand Marcos Jr. created the Inter-Agency Committee on Inflation and Market Outlook, which functions as an advisory body on strategies to alleviate inflation and ensure food and energy security, while balancing the interests of domestic food producers, consumers, and the broader economy. — RSJ, GMA Integrated News