Albay 2nd district Rep. Joey Salceda would rather look a the bright side amid the Philippines’ rather depressing 8.1 percent inflation rate for December 2022, which pushes the whole year average to 5.8 percent.
“There is good reason to believe that oil, transport, and energy prices will be cheaper, or at least not inflate as quickly as they did in 2021 and 2022,” Salceda claimed in a statement Thursday, Jan. 5, the same day that the inflation figures were released.
“The world seems to have already adapted partly to the Russia-Ukraine conflict, with Europe being able to fill their reserves without Russian piped gas. So, oil and energy prices could stabilize,” Salceda further observed. His optimism notwithstanding, the House Committee on Ways and Means chairman said if the year 2022 proved anything, it’s that “The country’s food price issues are structural.”
“And the highest price indices among commodities under food are vegetables at 32.4 percent and sugar at 38.8 percent, which we produce at a structural deficit but which are also very prone to smuggling.
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