Palace: Minimal inflation rate increase temporary
Credit to Author: Tempo Desk| Date: Thu, 06 Jun 2019 08:50:12 +0000
Malacañang said yesterday the minimal increase in the country’s inflation rate is just temporary.
“We assure our countrymen that the minimal increase in the inflation rate is a circumstance that does not toll the alarm bells,” said presidential spokesperson Salvador Panelo.
Panelo said that the inflation rate quickened due to a slight increase in some agricultural food products like vegetables, fish, and fruits, as well as in housing, water, and utilities.
“High spending in food and alcoholic beverages during the preceding campaign period coupled with the rise of international prices of fuel which is beyond our control, and aggravated by the El Niño phenomenon in the peak summer month of May, resulting in food price inflation of fish and vegetable, spiked the inflation rate,” he said. “Both factors are expected however to taper down,” he added.
The Philippines posted a 3.2 percent inflation rate last month, marginally higher than the three percent in April. (Argyll Geducos)