NEDA expects inflation
The National Economic and Development Authority (NEDA) said it expects inflation to peak and taper off by October after June figures hit a high of 5.2 percent on Thursday.
In a statement, NEDA Director General Ernesto Pernia said:"We expect inflation to peak in the third quarter and taper off by October. Government needs to implement necessary measures, both short-term and long-term, to address the impact of inflation."
This includes ensuring ample supplies of food, especially rice, and services, added Pernia.
Pernia said June inflation rose "due to faster price increases in major commodities as well as host of factors, such as world oil prices, peso depreciation and price of rice."
Pernia said "the little bit of good news is that year-to-date inflation (January to June 2018) rate is 4.3 percent, juts slightly higher than government’s target of 2 to 4 percent."
"We remain hopeful that inflation is kept at bay and will taper off by year-end," said Pernia.
Pernia said the TRAIN Law increased the take-home pay of 99 percent of income tax payers. "This should help in coping with the rising prices of goods," he explained. DMS