NextGen Day

Joey Concepcion, founder of Go Negosyo and head of the group of the job for the Private Sector Advisory Council (PSAC), predicted that commodity prices will begin to decline by the middle of this year and that the rate of inflation will begin to decline by the end of 2023.

Supply chain problems on the global market continue to have an impact on commodities prices, according to Concepcion, who spoke at the Laging Handa public briefing on Monday.

“By the middle of this year, I anticipate seeing reduced costs, ideally lower—oil prices are declining, and wheat prices are as well. Hopefully, the sugar will dissolve, along with the rest, he remarked.

He continued by saying that the Bangko Sentral ng Pilipinas’ (BSP) interest rate increases have contributed to containing the inflation rate’s further acceleration.

According to Concepcion, this year’s economic growth will also be supported by a slower rate of inflation.

2022 saw inflation at 5.8%, which was still within the government’s objective, but December 2022 saw the highest inflation rate in 14 years at 8.1 percent.

Concepcion claimed that despite the high rate of inflation, domestic demand is still strong and supports the economy.
“We can see demand and growth returning,” he continued.

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