Tag: inflation

House Speaker Ferdinand Martin G. Romualdez welcomed the unexpected deceleration in February inflation, calling it “great news for every Filipino family.” Inflation slowed to 2.1% in February, below the lower end of the central bank’s 2.2%-3.0% forecast, a sign the economic policies of the Marcos administration are working. “This proves that President Ferdinand R. Marcos Jr.’s economic team is getting the job done,” he said. Romualdez said the administration is unwavering in its focus on stabilizing prices, ensuring food security, and protecting the purchasing power of Filipinos. The House of Representatives is fully supporting these efforts by passing laws to lower food costs, stabilize energy prices, and create more jobs. “The past few years have been tough, but numbers don’t lie—our economy is getting stronger,” Romualdez added. “This is the result of sound leadership, strong policies, and the resilience of the Filipino people.”

Inflation in the Philippines for February defied expectations, slowing to a lower-than-anticipated 2.1 percent, according to the Philippine Statistics Authority (PSA). This marked a significant drop from January’s 2.9 percent and was below the Bangko Sentral ng Pilipinas’ (BSP) forecast range of 2.2 percent to 3 percent.

Moody’s Analytics said Filipino consumers should still reel from skyrocketing prices in the first six months this year as demand continues to outpace supply in the domestic market.

The rate of change in the price of consumer goods and services accelerated to 8.7 percent year-on-year in January, its fastest pace since the 9.1 percent recorded in November 2008, on account of higher cost of house rental, utilities, food and transportation.

The Bangko Sentral ng Pilipinas (BSP) sees inflation remaining elevated between 7.5 and 8.3 percent this month, well above the two to four percent target, after hitting a 14-year high of 8.1 percent in December.