GENERAL SANTOS CITY — Consumer prices in Region 12 remain “manageable” despite the 7.9 percent inflation rate recorded as of last month in the region, an official of the National Economic and Development Authority (NEDA) said on Tuesday.
Noel Quiratman, assistant regional director of NEDA-Region 12, conceded that the area’s inflation rate has significantly increased in the past months but noted that government agencies have been working to address the situation.
Quiratman cited moves to control the prices of basic goods and ensure their availability to consumers.
“Overall, there’s no need to worry about it because it’s still within the manageable (level),” he said in a local television show.
A report earlier released by the Philippine Statistics Authority showed that Region 12 or Soccsksargen posted the second highest inflation rate in Mindanao last August, with the Autonomous Region in Muslim Mindanao topping the list at 8.1 percent.
Inflation rate, the percentage growth of prices of weighted value of goods and services, soared to 6.4 percent last month in the entire country, the highest in over nine years.
Quiratman said among the factors that contributed to the increase in the region’s inflation rate was the surge in the prices of commercial rice, which reached over 12 percent.
The situation, which saw rice prices rising to as high as PHP55 a kilo, was earlier brought about by the dwindling supplies in the local markets, he said.
He said the prices of fish also increased due to limited supplies as reportedly triggered by climate-related problems.
Quiratman said another consideration is “consumer expectation” over the situation that leads to the “tendency to hoard (goods).”
The official said the main factor that triggered the rise in inflation rate is the increasing fuel prices, which is dictated by trading in the world market.
“The situation is mainly because of supply-driven factor. The country presently imports 94 percent of our oil requirements,” he said.
Quiratman maintained that the problem should not be blamed on the implementation of the Tax Reform for Acceleration and Inclusion or Train Law, as it only contributed 0.4 percent to the rise in inflation rate.
“We encourage everybody to be vigilant about the situation and also spend within our means,” he said. (PNA)
