WITH the slowdown in high commodity prices in June 2024 at 3.7 percent, Finance Secretary Ralph G. Recto expressed confidence the inflation rate will remain within the government’s target band for the rest of the year.
“We expect inflation to fall within our 2 to 4 percent target this year especially after the government has taken decisive and data-driven steps to control the rising price of rice,” Recto said.
Although food inflation increased to 6.5 percent in June from 6.1 percent in May, the Department of Finance said the government expects high food prices to slow further on the back of rice tariff reduction. Moreover, the Department of Agriculture will release the implementing guidelines under Administrative Order 20, which seeks to streamline administrative processes and remove non-tariff barriers to enhance the country’s agricultural importation policy regime.The large-scale trial of the DA’s Bigas 29 program in 10 Kadiwa sites in Metro Manila and Bulacan was also launched, offering P29 per kilo of aging rice to poor families and other vulnerable groups.
The DOF said trucks transporting agricultural goods are also exempted from toll hikes to prevent the second-round effects of toll rate increases on food inflation and ensure that food prices are kept stable for consumers. The DA has already distributed P9.23 billion of assistance to 1.2 million farmers and fisherfolk beneficiaries across eight regions as interventions on the effects of dry spells and El Niño as of June 6.
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