Gov’t welcomes inflation rate decline

MANILA, Philippines – Malacañang on Tuesday said it was pleased with the steady decline of the inflation rate, which was pegged at 4.4 percent in January.

This is slower than the 5.1 percent registered last December 2018, but still faster than the 4.0 recorded in January 2018.

The January 2019 inflation rate was also the lowest since March 2018’s 4.3 percent.

READ: Inflation slowed to 4.4%, but food prices up in NCR in January

“Last year, soaring prices caused by uncontrollable factors tested our will as a nation. Not disheartened nor cowed, we rose to the challenge as a people,” Presidential Spokesperson Salvador Panelo said in a statement.

“With the President’s strong and decisive action, we remained focused and steadfast as we addressed the conditions that contributed significantly to inflation,” he added.

The country’s inflation rate simmered down to 6 percent in November  after it hit a nine-year high of 6.7 percent in September last year.

“With inflation further tapering down to a 10-month low of 4.4 percent, this administration will oversee and ensure that its consequent effects at the market would be felt by the ordinary consumer,” Panelo said.

The Palace official added that the government will continue monitoring the prices in the market as it moves to mitigate poverty and hunger./gsg