Dateline PhiliPPines Marcos confident inflation rate to go down  amid drop in prices of fuel, agriculture products

by Kristina Maralit ManilaTimes.net

PRESIDENT Ferdinand

“Bongbong” Marcos Jr. maintained confidence that the inflation rate will go down with the drop in the prices of fuel and its byproducts and imported agriculture products.

The Chief Executive issued the statement after the country’s inflation rate for last January rose to 8.7 percent, a 14-year high.

It was the fastest recorded surge since November 2008, dislodging the 8.1 percent registered in December 2022.

“As I said, the importation of many of the agricultural products, which have been a large part of the (increase in) inflation rate... we have already taken some measures so that the supply will be greater and so that will bring the prices down but that will take a little time,” Marcos said in a video statement on Tuesday, February 7.

“And my continuing estimate or forecast is that by – we can see the lowering of inflation by the second quarter of this year,” he added, while further pointing out that steps taken by his administration to address the issue “have not yet gone through the system.”

Citing the International Monetary Fund’s (IMF) January 2023 World Economic Outlook Update, Marcos said high inflation