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Thursday, December 8, 2022

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Inflation to slow down as prices of commodities plunged and food supply remain steady

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With the continued dropping of oil prices coupled with steady food supply, the Department of Finance is confident that the inflation will slow down from 6.7% to 6.3%.
The oil companies price rollbacks has contributed to the dropping of prices of other commodities, and this would also lessen the impact of the inflation.
 

According to Finance Chief Carlos Dominguez, the impact of Memorandum Orders 26 to 28 issued by Malacanang last September is already being felt by the public. These issuances removed administrative restrictions on the importation and release of agricultural products to the market.

“The administrative measures that the President ordered in the third week of September are in effect already,” he added.

While most of the prices of commodities have gone down, the meat prices will continue to go up due to high demand during the Christmas season.

“The prices of meat is increasing and this is the inevitable trend during the Christmas holidays,” the Finance Chief text to THEPHILBIZNEWS.

However, Secretary Dominguez said that at least the slowing down of inflation is already a welcome development for the Filipino people, he said in closing.

Meanwhile, the Central Bank Department of Economic Research said inflation likely slowdown because of the the sharp decline in oil prices, the stabilization in the supply conditions of rice and other agricultural commodities, and stronger peso.

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