Marcos admin confident of better-than-expected 2024 inflation

Malacañang on Saturday expressed confidence that the country would end the year with a rosy inflation environment following the sharp slowdown in the rate of increase in goods and services prices seen last month.

"We are upbeat in our belief that average inflation for 2024 will be better than expected," the Presidential Communications Office (PCO) said in a statement.

The Marcos administration's economic managers are expecting inflation to settle within 3% to 4% this year.

In September, inflation clocked in at 1.9%, a sharp deceleration from the 3.3% rate seen in August, amid the slowdown in increments in food and transportation costs.

"Buoyed by the success of our plan, strategies on how to further decelerate inflation will be sustained," the PCO said.

The Palace added that ramping up food production "in conjunction with the targeted entry of food items that will plug supply gaps but done in a timely manner so they will discourage price and stock manipulation will also be implemented."

"As we enter the holiday season, the government will be vigilant in seeing to it that prices will be stabilized at a level that will not dampen the spirit of the season," it said.

The recent low inflation environment, Malacañang added, was a result of the government's programmed and persistent drive to tame inflation.

"This is the outcome of a campaign to keep prices of goods affordable to families," the PCO said.

"This can be gleaned from the almost across-the-board slower increase in the prices of food and non-alcoholic beverages, transport, and utilities," it added. — VDV, GMA Integrated News