The Philippine Statistics Authority (PSA) reported that the country’s headline inflation eased anew to 2.4 percent in August from July’s 2.7 percent amid slow price movement on food and alcoholic beverage.
“Nakikita natin for example ‘yung fish and meat in the past, pero ngayon medyo mabagal ang pagtaas. And vegetables ang reading namin maganda ang supply sa ganitong produkto – vegetables and fish (We saw, for example, [the cost of] fish and meat in the past but the rise has slightly eased now. Our reading is that there is good supply of vegetables and fish),” National statistician and USec. Dennis Mapa explained.
The Department of Agriculture (DA) explained it is brought about by the unhampered movement of agricultural products in coordination with local governments despite the pandemic.
“Function ‘yan ng adequacy ng (That’s a function of adequacy of) food supply at the same time relaxed or unhampered movement of goods. Again, we are also appealing to traders, retailers, wholesalers, magkaroon naman ng konting mark-up lang (have a little mark-up), just enough to earn,” DA ASec. Noel Reyes said.
The inflation for August is reportedly lower than the Bangko Sentral ng Pilipinas (BSP) projection of 2.5 percent to 3.3 percent but is “consistent with the expectation that inflation will remain benign over the policy horizon.”
“The balance of risks tilts toward the downside owing largely to potential disruptions to domestic and global economic activity of the ongoing pandemic,” the BSP stated.
Amid the implementation of community quarantine, NEDA Acting Secretary Karl Chua urged the government and private sector “to tap local agricultural produce and maximize the use of digital technologies to ensure stability in the supply chain.”
– Report from Naomi Tiburcio
