Dong Gonzales

Inflation seen to go down in days ahead

October 5, 2023 Ryan Ponce Pacpaco 126 views

SENIOR Deputy Speaker and Pampanga 3rd District Rep. Aurelio “Dong” Gonzales Jr. on Thursday said Filipinos could expect inflation, or the rate of increase in consumer prices, to go down in the days ahead.

The House leader made the statement as the authorities reported that inflation rose to 6.1 percent last month from 5.3 percent in August.

“Consumer prices rose primarily due to increases in the prices of rice and oil products. The spike in fuel cost caused a domino effect on transportation and electricity, impacting all products,” Gonzales said.

“But the bold decision of President BBM to impose a price limit on rice brought down the selling price of the staple last month, which meant that inflation should correspondingly go down,” he said.

Gonzales said the government can control rice prices but has little influence on the retail rates of oil products which are largely dictated by the cost of imported crude oil in the world market.

Nevertheless, the administration is trying to help the poor and transportation sectors that are greatly affected by high fuel, power and consumer prices by extending financial assistance through the appropriate state agencies like the Department of Social Welfare and Development and the Department of Transportation, he said.

As for the prices of other food items, Gonzales noted that the selling cost of sugar and onions has considerably gone down.

“President BBM is doing his best to fix the complex problems of the agriculture sector. And Congress has been helping him by passing the needed legislative measures like the law condoning the debt of more than one million farmers so they can produce more rice and other products. But putting the house in order will take time. Let us be patient for the results,” Gonzales stressed.