President Ferdinand “Bong Bong” Marcos Jr. said he disagrees with the Philippine Statistics Authority (PSA) report that the Philippines’ inflation rate rose to 6.1 percent in June — but he did not provide a clear explanation for why.
“6.1? I think I will have to disagree with that number. We are not that high,” the president said during a press briefing after the first cabinet meeting yesterday.
The rate is nearly double the inflation rate of last year, when the country recorded 3.7 percent in June 2021. In May this year, inflation was recorded at 5.7 percent.
According to the PSA, the higher annual growth rate in food and beverage prices, which rose from 4.9 percent in May to 6 percent in June, contributed to the inflation rate. Another factor contributing to this was transportation costs, which rose to 17.1% in June from 14.6% in May.
“The Philippine Statistics Authority stands by its report,” said Claire Dennis Mapa, president of the PSA.
Marcos stated that the country may exceed the government’s annual inflation target of 4 percent.
Our goals were four percent or less. Unfortunately, it looks like we may be getting over that limit,” he said. The current year-to-date inflation rate is 4.4%.