The government expects inflation to remain low this year, Malacañang said on Tuesday. It promised stricter actions against smugglers and hoarders of agricultural goods to help control prices.
Executive Secretary Lucas Bersamin addressed the rising tomato prices during a press briefing.
“There is enough supply, but prices are still going up. We are actively prosecuting hoarders, but that’s just one reason for the high prices,” Bersamin explained.
The National Economic and Development Authority (NEDA) is optimistic that inflation will remain low. “I believe the inflation rate will stay very low. However, it’s up to the concerned departments to manage and lower it further,” Bersamin said.
The Department of Agriculture (DA) reported that the price of tomatoes has reached P360 per kilo. In Metro Manila markets, medium-sized tomatoes are sold for at least P20 each.
The Philippine Statistics Authority reported an inflation rate of 2.9% in December, slightly higher than November’s 2.5%. This increase was caused mainly by higher costs of housing, utilities, and fuel.
Socioeconomic Planning Secretary Arsenio Balisacan said the full-year inflation rate of 3.2% was within the government’s target range of 2% to 4% until 2028.
