Palace hails inflation drop as 'magical’ amid global economic pressures

Malacañang on Tuesday welcomed the steady decline in the country’s inflation rate over the past six months, describing it as a “magical” feat given global economic pressures.

- By ARGYLL CYRUS GEDUCOS

Speaking to Filipino reporters covering President Marcos’ state visit to India, Communications Undersecretary Claire Castro said the administration sees the 0.9 percent average inflation as a result of collective efforts to stabilize prices, particularly of rice and vegetables.

“Maganda pong ulat 'yan... parang nagkaroon ng magic (That’s good news... it’s like magic),” Castro said on Tuesday, Aug. 5, noting that such low inflation was achieved despite external factors like the conflicts in Israel and Ukraine, as well as tariff decisions by the United States.

According to Castro, the Marcos administration has been working to bring prices down amid global supply chain disruptions and rising costs of imports. She said the downward inflation trend reflects those efforts.