The executive department, particularly local government units (LGUs), should be more “aggressive” in the fight against inflation that is expected to remain elevated this year, Department of Finance (DoF) Secretary Benjamin E. Diokno said. READ:
E. Diokno said.
His statement comes after the BSP on Thursday raised its benchmark policy rate by 50 basis points to a nearly 16-year high of 6%. The BSP had also signaled more rate hikes at its next meetings to cool red-hot inflation.ation soared to a fresh 14-year high of 8.7% in January, as food prices continued to rise amid supply issues. This prompted the BSP to upwardly revise its average inflation forecasts for 2023 and 2024 to 6.1% and to 3.1% , respectively.
Mr. Diokno said that the government is planning to form a technical working group to assess the supply and demand conditions of key food commodities. The TWG will consist of representatives from the DoF, Department of Agriculture, Department of Budget and Management, National Economic and Development Authority, and Department of Trade and Industry.
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