State Dining Room, Malacañan Palace
November 7, 2023
President Ferdinand R. Marcos Jr. convened with various government agencies to discuss inflation updates and the catch-up plans for Fiscal Year (F.Y.) 2023 at the State Dining Room in Malacañan Palace.
The National Economic and Development Authority (NEDA) reported that the country’s inflation rate has eased to 4.6% from the 6.1% recorded in September this year. According to NEDA Undersecretary Rosemarie Edillon, the slowdown in the inflation rate last October was mainly due to lower food inflation, including rice, vegetables, fish, sugar, meat, bread and other cereals.
In particular, she noted that rice inflation slowed down following the onset of peak harvest and import arrivals. These also include the steady supplies of vegetables that led to the slower inflation of the commodity.
While the data shows positive development, the NEDA vowed to continue monitoring the trends in food and non-food commodities and assured Filipinos of the provision of assistance to vulnerable sectors amidst global challenges like geopolitical uncertainties and the El Niño phenomenon.
Likewise, the Department of Budget and Management (DBM) presented updates on spending performance, disbursement and outlook deficit of different government agencies for F.Y. 2023.
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