Marcos welcomes easing of inflation rate

President Ferdinand ''Bongbong'' Marcos Jr. on Thursday welcomed the easing of the Philippine inflation rate in August as he vowed to continue the government's programs that will alleviate the burden of Filipinos on food costs. 

National Statistician and PSA chief Claire Dennis Mapa earlier said the inflation —which measures the rate of increase in the prices of goods and services— decelerated to 3.3% last month, slower than the 4.4% rate in July.

In a Facebook post, Marcos said that by reducing rice tariffs, the Philippine government was able to bring rice inflation down from 20.9% to 14.7%, while meat inflation also eased from 4.8% to 4.0%.

Marcos also vowed to widen the Kadiwa ng Pangulo program in the Visayas and Mindanao regions. 

''Makatutulong ito sa pagsigurong abot-kaya ang bilihin para sa nakararaming Pilipino,'' the President said. 

(This will help in ensuring that the basic goods for every Filipino will be affordable.)

To recall, the Marcos administration started a substantial number of Kadiwa stores and outlets all over the country as part of its measures to ensure food security and help consumers from rising prices. 

Marcos also mentioned the roll out of African swine fever (ASF) vaccine to ensure sufficient pork supply and to prevent the increase of prices in meat.

Further, Marcos also said his administration is exerting all efforts to ensure the stability of transportation and gasoline costs. 

''These are concrete steps we’re taking to make sure that the Bagong Pilipinas we promised is felt where it matters most—at home,'' Marcos said.

''Patuloy ang trabaho. Ipagpapatuloy natin ang pag-usad upang matiyak na makakamtan ng bawat Pilipino ang mas komportableng buhay—sa pamamagitan ng dekalidad na trabaho at murang bilihin,'' he added. 

(Our work continues. We will continue to ensure that every Filipino will have a comfortable life by providing quality jobs and cheaper goods.)

Mapa has said the main reason for the slower inflation in August 2024 versus July 2024 was the slower increase in the prices of food and non-alcoholic beverages at 3.9%.

The Food and Non-Alcoholic Beverages index saw a faster inflation rate in July at 6.4%, Mapa added. 

The slowdown was due to lower inflation prints in cereals and cereal products at 11.5% from 15.6%, vegetables at -4.3% from 6.1%, and fish and other seafood at -3.1% from -0.8%. —VAL, GMA Integrated News