Finance Secretary Benjamin Diokno seeks to clarify what President Ferdinand Marcos Jr. meant when he said he disagreed with the inflation figure released by the Philippine Statistics Authority.
MANILA, Philippines – Finance Secretary Benjamin Diokno on Wednesday, July 6, clarified the remarks made by President Ferdinand Marcos Jr. regarding the country’s high inflation rate.
“The President’s disbelief at the 6.1% June 2022 inflation rate figure was misunderstood. He was referring to it as a full-year figure when in fact, the year-to-date, meaning January to June average inflation rate is actually 4.4%,” Diokno said.It was clear that reporters were referring to the 6.1% figure reported on Tuesday, July 5, the same day that Marcos met with his Cabinet officials.
The government is aiming to keep inflation within 2% to 4%, but estimates point to the 2022 average likely reaching 5%.“Much of our inflation is actually imported inflation. It is imported because it is the inflation on the products that have suffered inflation that we import…. When we analyze, we have to make those categorical differences so that we’ll better understand really what the situation is,” the President said.The last time inflation went up to 6.1% was in November 2018.
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