Press Releases

Statement on May 2022 inflation: Elevated inflation levels will persist as the Russia-Ukraine situation continues without signs of abating. 

June 8th, 2022

I am concerned that the poor are getting hit harder than everyone else in this. The inflation rate for the bottom 30 percent of households, year to date, has been 4.3 percent, whereas general inflation has been 3.5 percent year to date. This emphasizes the need to expedite any subsidies still undistributed. I will follow up with the relevant agencies on PRRD’s promised ayuda of 500 pesos monthly, since that was what we accepted in lieu of suspending fuel excise taxes. 

As I warned earlier this year, flour-based products are also beginning to pick up in price. That, too, will persist due to world supply constraints on wheat. 

The immediate impact inflation will have on the poorest households will be in nutrition. As face-to-face classes resume, we also have to implement aggressively the nationwide feeding program required by law, to supplement food intake among children from low-income households. Community-based food production efforts will also be critical in rural areas. I emphasize that inflation has been faster in 14 regions outside of NCR. Price increases are affecting provinces harder than NCR. 

I also hope that we can work with partners with large seasonal food surpluses to prevent a nutritional crisis from taking place among poor communities. 

As the cause of price increases remain primarily external, we will have little choice but to adapt. Measures to subsidize sectors with second round effects, such as public transport and agriculture, will be vital. We must also produce more food at affordable prices. President- elect Marcos’s pick for Agriculture Secretary will be all-important as we deal with inflation in the coming months.

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