Commodity prices will remain high at the end of 2022 – DOF

Commodity prices will remain high at the end of 2022 – DOF

MANILA, Philippines – Commodity prices are expected to remain high until the end of 2022.

This is due to higher food travel expenses, weak peso against the dollar and the impact of typhoon Karding.

In a statement this Wednesday, October 5, the Department of Finance said, inflation or the rate of increase in the price of goods and services will still remain high.

It can be recalled that inflation accelerated to 6.9% this month compared to 6.3% in August due to higher food and utility costs.

“Inflation is still seen to fall within the 4.5% to 5.5% assumption of the Development Budget Coordination Committee (DBCC) for 2022,” ayon sa DOF.

The year-to-date average is at 5.1% and from 4.5% to 5.5% with the entry of the new administration led by President Ferdinand “Bongbong” Marcos Jr.

“To manage inflation, the continued timely implementation of government measures is crucial in mitigating the impact of persistent supply-side pressures on food and other commodity prices,” ayon sa DOF.

“The government intensifies its measures to help increase the domestic supply by ramping up local production, ensuring timely importation of goods, fertilizers, and raw materials, and improving distribution efficiency,” dagdag pa ng ahensya.

In a press conference, National Statistician Claire Dennis Mapa said that the remaining months of 2022 will focus on food inflation.

“Food prices would most likely continue to go up,” ani Mapa.

Prior to this, the DOF suggested that there is still a need to produce or import basic commodities or needs.

“Given regional production and price disparities, it is equally important that these goods are efficiently distributed. The government is already looking at regions where inflation is high and which goods are driving inflation to address any bottlenecks,” anang DOF. RNT/JGC

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