Salceda Memo to PBBM was correct that a rollback will follow the week after the price increases on Oct 17, so food price should remain the top priority.

October 25th, 2022

Salceda wrote to PBBM that food inflation remains the top concern because oil prices will probably roll back the following week after the Oct 17 pump price hikes.

“it is very probable that the price increase in diesel will be followed by a rollback in the weeks or even days after. Give world prices a lag time of around 7 to 14 days to reflect in pump prices here.” Salceda wrote (See “‘Food prices biggest inflation threat” – Oct 12, 2022, BusinessMirror)

Indeed, a rollback was announced for October 25, a week after the Oct 17 price hikes.