Malacañang is confident the country can sustain its low inflation rate and keep it within the target 2–4 percent range if no major external shocks disrupt the prices of basic goods.
Palace Press Officer Claire Castro said in a media briefing in India on Tuesday the administration welcomed July’s 0.9 percent inflation — the lowest in six months — as a result of measures to stabilize food prices and shield consumers from global economic volatility.
The Philippine Statistics Authority reported on Tuesday that inflation eased to 0.9 percent in July from 1.4 percent in June.
“This is good news, and it’s like magic because the times are really difficult, given the many circumstances that could affect product prices,” she said.
Castro cited the ongoing conflicts between Israel and Iran, and between Russia and Ukraine, as well as the reciprocal tariffs imposed by the United States, among recent developments that could weigh on inflation.
The government’s P20-per-kilo rice program and lower vegetable prices have also helped temper inflation, she added.
If commodity prices remain stable and global tensions ease, she said, the country could maintain its low inflation rate.
“If there are no external conditions or circumstances that will affect this, that good news may continue,” Castro said. “Let’s help each other. That’s what the president wants — for all of us to work together so our economy can be even better.”
