While the slower inflation rate for the month of March translates to lower prices for many basic goods like food, the country must still navigate through risks that may upset the decreasing trend, according to Rep. Joey Salceda. | GabrielLaluINQ
Salceda, an economist, on Wednesday said that lower inflation numbers for March—7.6 percent as announced by the Philippine Statistics Authority earlier—would allow the country to prepare for external economic shocks.“Inflation levels going down in March gives us ample room to absorb potential shocks in the global monetary and financial environment,” said Salceda in a statement reacting to the latest PSA data.
“The livestock sector shows some resiliency, having among the lowest YOY inflation rates among all food items, at 4.6 percent. MOM, inflation is negative, at -0.2 percent,” he said.“This will continue to have impacts on the price of meat, fish, processed food, and other key commodities. There are signs of downward momentum in prices, with MOM inflation being at negative 0.7 percent – but El Niño looms large as an upside risk to price,” he explained.
“Fish and seafood prices remain high at 9.9 percent. There is reason to believe that inflation in this area will be higher by April due to the Mindoro oil spill as well as the generally warmer climate,” he said.
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