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Inflation falls to 0.8% in October 2019

November 05, 2019 - Tuesday 1:11 PM by Funny Pearl A. Gajunera

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Inflation has eased to 0.8 percent in October 2019, a marked decrease from the 6.7 percent during the same period in 2018 and the lowest inflation recorded since May 2016.

Citing the Philippine Statistics Authority (PSA), Presidential Spokesperson and Chief Presidential Legal Counsel Salvador Panelo said this is “good news to all Filipinos.”

“Bringing a comfortable life for all Filipinos, which includes taming inflation, is the foremost socioeconomic goal of the Duterte Administration,” Panelo said in a statement.

“This positive development is a testament that (President Duterte’s) strong political will, together with his economic team’s sound and working macroeconomic policies and measures, contributed to the downward trend of prices and goods,” he added.

Panelo said as inflation continues to drop, the  government “will continue to not let its guard down in monitoring the prices of basic commodities, especially now that we are in the ‘ber’ months, approaching Christmas season.”

He also took a jab at the administration’s critics, saying the lower inflation is good news “especially to President Rodrigo Roa Duterte’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.”