[ANALYSIS] Are prices slowing down at last?

Lower inflation also doesn’t mean that prices are going down. Prices are still rising, but at a slower rate.

On April 4, the Philippine Statistics Authority reported that in March, inflation slowed down toThis is a sizable drop: inflation is now at its lowest since October 2022. This is also the second consecutive month of decline. If this trend continues, then inflation will have peaked at 8.7% in February 2023.Figure 2 also shows that for the first time since August 2022, the contribution of food to inflation dropped.

Note, though, that despite gains in reducing inflation, both these measures of inflation are still much higher than the government’s 2%-4% target. In early March 2023 – nearly one full year since inflation started rising dramatically – the President created an “.” Co-chaired by the finance and socioeconomic planning secretaries, this Inter-agency Committee will supposedly “serve as an advisory body to the President and the Cabinet on measures to mitigate inflation and ensure food and energy security.”

The timing of this committee’s creation is also off. The President already wrought damage by refusing to import commodities on time in 2022, leading to dramatic price spikes in sugar and onions. In other words, he should have come up with this committee last year – not when inflation already showed signs of peaking.

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