NextGen Day

Leading business figures predicted on Thursday that the rate of inflation in April will fall to as low as 5.2 percent, which is consistent with what they are already seeing in practice, according to several experts in the private sector.

However, the Bangko Sentral ng Pilipinas (BSP) was more cautious, estimating an inflation rate of 6.3 to 7.1 percent, which is still significantly lower than the 7.6 inflation in March.

Although it is challenging to predict inflation rates with accuracy, Steven Cua, president of the Philippine Amalgamated Supermarkets Association (PAGASA), stated in an interview that he has faith that “economists are making realistic forecasts.”

“We (food retailers) can definitely feel the slowdown (in inflation) because our suppliers are no longer issuing us notices of price increases,” he said.

According to Cua, customers have been forced to buy less as a result of substantial price increases in some commodities, therefore the inflationary pressures hardly have arrived at a better moment.

He continued by saying that some producers have turned to reduce the number of products in the same packaging in an attempt to halt the rise in prices.

While consumers may have to deal with higher prices, Cua reassured that “supply is no longer a problem.”

Between December 2022 and January of this year, there was a shortage of onions, which caused prices to soar to previously unheard-of heights.

For his part, a well-known oil executive who wished to remain anonymous claimed that despite OPEC’s attempts to reduce production, local pump prices are still falling.

“We charge between PHP 48 and PHP 49 per liter for diesel. They need to purchase at least one truck since that is the wholesale price, the oil executive said.

He continued by saying that some petrol stations are currently able to sell their diesel products for between PHP 52 and PHP 53 per liter due to this drop in wholesale prices.

According to the oil executive, “oil price increases are the catalysts for all other price increases, so a rollback in petroleum prices will definitely slow inflation down.”

You may recall that the rate of inflation dropped from 8.6% in February to 7.6% in March.

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