Metro Manila (CNN Philippines, June 28) — Finance Secretary Benjamin Diokno said the rate at which prices of goods and services rise may further slow down by the first three months of next year.
During the Kapihan sa Manila Bay forum on Wednesday, he said monetary officials see the inflation rate falling within the government’s target band of 2% to 4% in the last quarter of 2023.“Sa first quarter of next year baka nga mag-below 2% ang inflation,” the Department of Finance chief said.[Translation: The inflation rate may even reach below 2% by the first quarter of next year.]“Hindi naman ibig sabihin na bumaba ang inflation, hindi na tataas ang mga presyo. Ang ibig sabihin lang ay ‘yung pagtaas ng presyo ay hindi kasing taas nung before,” he added.[Translation: It does not mean that when inflation eases, prices do not increase. It just means that the rate of price increases is not as high as before.]Diokno said oil prices are on a downtrend after a series of surges last year amid the ongoing war between Ukraine and Russia. The skyrocketing fuel prices had a knock-on effect on costs of other commodities.The May inflation rate slowed to 6.1% from 8.7% recorded in January, which was the fastest since November 2008.Socioeconomic Planning Secretary Arsenio Balisacan earlier expressed optimism that the government can hit its inflation target.
