This should be good news to all Filipinos.

FILIPINOS feel the slowdown of inflation with more affordable goods, including vegetables. YUMMIE DINGDING

Presidential Communications Secretary Martin Andanar lauded the latest inflation figure as an accomplishment reflective of the commendable macroeconomic policies and political will by the Duterte administration.

He said the 0.8 percent inflation rate in October 2019 is the slowest pace recorded since May 2016, when Mr. Duterte assumed the presidency.

“This is a huge decrease from the 6.7 percent recorded in October of last year,” Andanar said. “This inflation slowdown will greatly benefit the Filipino consumers.”

The official added that with the continued employment of Dutertenomics, anchored on the government’s 10-point agenda, the President’s team anticipates a stable inflation rate over the medium term.

“This will have a favorable environment in boosting the Philippines’ economic performance,” he said.

Earlier, Chief Presidential Legal Counsel and presidential spokesman Salvador Panelo called the drop as a testament to President Duterte’s strong political will, which together with his economic team’s sound and working macroeconomic policies and measures, contributed to the downward trend of prices and goods.

“This should be good news to all Filipinos, especially to the President’s doubters or cynics, unless they see it otherwise, which would then reveal that what they are solely interested in is for this administration to fail,” Panelo said.

“Bringing a comfortable life for all Filipinos, which includes taming inflation, is the foremost socioeconomic goal of the Duterte administration,” he added.

The spokesman said as inflation continues to drop, the government will not let its guard down in monitoring the prices of basic commodities, especially now with the approaching Christmas season.

National Statistician Claire Dennis Mapa announced on Tuesday the latest inflation figure translates to a 43-month low since print for such stood at 0.7 percent in April 2016.

This development, said Mapa, could be partly attributed to the decline in food prices, of which rice posted the biggest drop with 9.7 percent. This brings negative growth for the staple grain for six consecutive months.

The PSA chief then noted the sustained uptrend in meat prices, particularly on chicken and beef, to have contributed to the latest inflation print.

“We are seeing an upward trend particularly in the prices of chicken. For meat overall… it’s like a shift. Right now, it’s clear in NCR (National Capital Region) and Region 3,” Mapa explained.

“Pork is declining. Right now, prices of chicken and beef generally are (rising),” he added.

On a cumulative basis, inflation for the first 10 months of the year now stands at 2.6 percent, well within the government’s 2 to 4 percent target.