Palace says inflation rate within gov’t’s target

Communications Secretary Herminio Coloma. INQUIRER FILE PHOTO

MANILA, Philippines – The country’s inflation rate may have risen to 4.9 percent in July but it is nothing to worry about since it is within government target, Malacañang has said.

“From 4.4 percent noong Hunyo, naging 4.9 percent, at ang July inflation rate ay mas mataas kaysa doon sa parehong buwan noong nakaraang taon. Ngunit ang mga datos na ito ay nagsasabi rin na ito ay well within the Development Budget Coordinating Committee’s inflation target of between three to five percent para sa 2014,” Communications Secretary Herminio “Sonny” Coloma Jr. said Tuesday.

(From 4.4 percent in June, the July inflation rate rose to 4.9 percent, which is higher than that of the same month last year. Nevertheless, date show that the inflation is still within the Development Budget Coordinating Committee’s inflation target of between three to five percent for 2014.)

He said the inflation rate has been fluctuating and that the Aquino administration was able to reduce it in the past to be within the target rate of the government.

Socioeconomic Planning Secretary Arsenio Balisacan reported on Tuesday that consumer prices rose by 4.9 percent last month, the fastest rate since 2011.

Coloma assured the public that the government is doing everything to address inflation and the high cost of commodities.

“Kaya nga inaasikaso nang husto ‘yung macroeconomic fundamentals ng ating bansa para masabat ‘yung pagtaas ng inflation. Kaya nga nagsasagawa din ang ating Bangko Sentral ng karampatang polisiya sa aspect ng monetary policy para makontrol ‘yan dahil mahalaga sa ating bansa ‘yung pagpapanatili ng mga presyo sa mababang antas,” he said.

(This is why we are working on the macroeconomic fundamentals of our country to address the rising inflation. The central bank is also implementing appropriate changes in monetary policy to control inflation because it is important for our country to keep the prices down.)

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