The Malacañang Was Unalarmed Of The Recent Increase In The Inflation Rate
PALACE UNFAZED – The recent slight increase in the inflation rate during the month of May was not an alarming situation for the Malacañang.
In a previous report, the inflation rate in the country went up ‘slightly’ after six months of constant slowdown. The increase broke the series of slowdowns that started from the end of the year 2018.
The palace, however, apparently said last Thursday that it considers the increase in the May inflation rate as a “circumstance that does not set off alarm bells”.
The statement was made after the reports of increase in the May inflation rate. The inflation went up to 3.2 percent on May, a tad bit higher than the 3 percent recorded last April.
Presidential Spokesperson Salvador Panelo claimed that the increase in inflation was regarded to a small increase in agricultural products such as:
- vegetables,
- fish and
- fruits.
Also water and utilities for housing.
Panelo also said that the rise was within an acceptable range set by BSP in his statement:
“The rise is within the 2.8 % to 3.6 % range estimated by the Bangko Sentral ng Pilipinas (BSP) hence there is no cause for alarm.”
Philippine Statistics Authority’s data also revealed the top contributors that caused the inflation rate to rise. These were food and non-alcoholic beverages.
Also,
- housing,
- water,
- electricity,
- gas and other fuels,
- restaurant and miscellaneous goods and services.
The increase expenditures for food and alcoholic beverages on the campaigning period, topped with the effects of the El Niño during the summer are also the reasons for the tiny increase in the inflation rate.
This is based on an article from Inquirer.
However, he mentioned that both factors for the increase are “expected to taper down.”
That is all there is to it, at least for now. We’ll post updates as soon as we got them.
