English
Philippines: NEDA sees inflation easing to 4% target by yearend
MANILA, Philippines — The National Economic and Development Authority (NEDA) expects inflation to ease to four percent by the end of the year.
During a Palace briefing yesterday, NEDA Secretary Arsenio Balisacan said inflation is now on a downward trajectory.
“We are actively monitoring the situation and implementation of the necessary measures to ensure that by the end of the year, we should be in our target of 3.5 to four percent,” he said.
Inflation in the country eased to 7.6 percent in March from 8.6 percent in February due to the slower increases in food and transport prices.
The latest inflation print is the slowest rate in six months or since the 6.9 percent in September last year.
The March inflation rate, however, is still faster than the four percent seen in the same month last year.
Average inflation for the January to March period was at 8.3 percent.
With the El Niño phenomenon that could lead to a dry spell, and which is expected to hit the country in the latter part of the year, Balisacan said the government is working to mitigate its negative effects.
As in the past experiences of El Niño, he said this is expected to lead to lower agricultural production.
“What we want is to ensure that we can mitigate the negative effects of El Niño,” he said.
Balisacan said the government could start planning and putting the necessary adjustments to reduce the negative effects, while making the necessary arrangements to provide support to those who are most exposed, particularly the vulnerable groups.
He said having elevated inflation along with El Niño would be a dangerous combination.
“We want to prevent that from happening,” he said.
Source: https://www.philstar.com/business/2023/04/21/2260412/neda-sees-inflation-easing-4-target-yearend-