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Since the Bangko Sentral ng Philippines anticipates last month’s inflation will likely be in the 8.5 to 9.3 percent range, producers and merchants of important commodities are urging the adoption of innovative new policies to reduce price pressures.

According to Steven Cua, president of the Philippine Amalgamated Supermarkets Association, the nation has to encourage its domestic food producers to reduce their reliance on imported goods.

He said that a disproportionate reliance on food imports results in increased retail costs.

“We really have to strengthen our own food manufacturing capacity to protect the population against inflation,” he stated.

The majority of the supermarkets in Cua’s organization, which represents medium-sized stores nationwide, concurred that the BSP’s prediction accurately captures real pricing changes at storefronts in February.

Despite price rises, supermarket sales volumes mainly hold steady, but according to him, shoppers are clearly leaning toward cheaper or sale items.

The administration was urged by Lucito Chavez, head of the Asosasyon ng Panaderong Pilipino, to provide community bakers in need with soft loans and other reasonable financing solutions.

According to him, a lot of little bakeries are “victims of economies of scale” and can’t compete with big corporate bakeries.

Chavez claimed that large baking companies, some of which are foreign-owned, are able to buy raw materials in bulk at discounted rates.

Small bakeries are compelled to moderate pricing rises to the point of merely breaking even since they are unable to undercut the competition while having greater costs for the same raw ingredients.

But Fernando Martinez, chairman of Eastern Petroleum, said there are grounds for optimism given recent events in the global petroleum market, which is thought to be the source of pressures for global inflation.

He said that local diesel pump prices had fallen to the point that they were once less expensive than unleaded gasoline.

Although gasoline costs haven’t returned to where they were before the Russia-Ukraine conflict, Martinez said the recent drop in diesel prices is a “clear sign of recovery.”

He stated, “I believe that certain inflation estimates may be higher than what we are actually experiencing on the ground.

According to the BSP’s month-ahead prediction, the price pressures that increased in February were probably caused by higher liquefied petroleum gas (LPG) prices as well as higher costs for important foods like pork, fish, eggs, and sugar.

On the other hand, the monetary regulator claims that the strengthening of the peso and decreased prices for local chicken, beef, fruits, and vegetables may have helped to ease price pressures.

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