Palace is confident that consumers will enjoy affordable, lower-priced goods for the rest of the year after the country recorded a 1.9 percent inflation rate for September.

“We are upbeat in our belief that average inflation for 2024 will be better than expected,” the Presidential Communications Office (PCO) said in a statement.

The Marcos administration boasted about its recent efforts in keeping inflation rate low by providing low-priced rice and other commodities.

Persistent drive to tame inflation

“The low inflation the people are enjoying is a result of the government’s programmed and persistent drive to tame inflation. This is the outcome of a campaign to keep prices of goods affordable to families,” the PCO said.

It added that with this development, the government can implement similar strategies to sustain further deceleration of the inflation rate.

Increased food production

The Palace added that increased food production during the same period with the arrival of imported goods, filling supply gaps, will discourage price and stock manipulation.

“Ramping up food production in conjunction with the targeted entry of food items that will plug supply gaps but done in a timely manner so they will discourage price and stock manipulation will also be implemented,” the PCO said.

It underscored that the government had said it will “see to it” that the price of consumer goods will be stabilized “at a level that will not dampen” the spirit of the holiday season.