NextGen Day

MANILA, Philippines — On Tuesday, Malacanang told the public that the Duterte administration will redouble its efforts to contain the rapid rise in consumer costs.

This comes after the Philippine Statistics Authority (PSA) revealed that headline inflation in the country climbed to 4% in March.

In a message to the press, Communications Secretary Martin Andanar, who also serves as the acting presidential spokesperson, stated that inflation accelerated in March due to an “upward trend in transportation, gas, and other fuels, among other things.”

Nonetheless, Andanar stated that the government will not relax its watch, stressing that it will continue to monitor the pricing of basic necessities.

“Our economic managers are keeping a close eye on inflation when it approaches 4% in March 2022,” Andanar remarked. “Having said that, we will not relent in our efforts and will double down on our efforts to address the national issue of rising prices.”

Inflation in March was 4%, up from 3% in January and February, according to National Statistician Undersecretary Dennis Mapa, who spoke at a news conference.

Food and non-alcoholic drinks, housing, water, electricity, gas, other fuels, and transportation, according to Mapa, are the key drivers of higher inflation in March.

According to Mapa, the average rate of inflation from January to March 2022 was 3.4 percent.

The current headline inflation is within the 3.3 to 4.1 percent range predicted by the Bangko Sentral ng Pilipinas (BSP).

Due to an increase in oil prices, the BSP forecasted a rise in domestic inflation in March 2022.

It also raised its average inflation forecast for 2022 from 3.7 percent to 4.3 percent, and for 2023 from 3.3 percent to 3.6 percent.

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