Malacañang expressed optimism on Saturday that the country will close the year with favorable inflation levels, following the notable slowdown in price increases for goods and services last month.
“We are upbeat in our belief that average inflation for 2024 will be better than expected,” the Presidential Communications Office (PCO) stated.
Economic managers under the Marcos administration are anticipating inflation to settle between 3% and 4% this year. In September, inflation dropped to 1.9%, a significant decrease from the 3.3% recorded in August, driven by lower food and transportation costs.
“Buoyed by the success of our plan, strategies on how to further decelerate inflation will be sustained,” the PCO added.
The Palace emphasized that efforts to boost food production and the timely importation of key goods will help prevent supply shortages and market manipulation. They assured the public that the government will remain vigilant in stabilizing prices during the holiday season to maintain consumer confidence.
“This is the outcome of a campaign to keep prices of goods affordable to families,” the PCO noted, highlighting the overall reduction in the cost of essential items like food, transport, and utilities.