By APD writer Melo M. Acuna

MANILA, Nov.6 (APD) -- With the nine consecutive months of increase in the prices of goods, the government’s economic team believes the country’s inflation rate will soon be on a downward trend.

The Philippine Statistics Authority said this morning that while the year-on-year headline inflation in October 2018 was steady at 6.7 percent, seasonally adjusted month-on-month inflation eased further to 0.3 percent.

In a statement released by the Departments of Finance and Budget and Management and the National Economic and Development Authority the said last month’s adjustments in the overall price level in Metro Manila alone slowed down further to 6.1 percent, while inflation outside Metro Manila remained at 6.8 percent.

The economic managers reported the government’s concerted efforts to tame the prices of goods in the previous months have “finally resulted in expected outcomes.”

“As always, the economic team is mindful that much attention has to be given to food, which remains to be the major contributor to inflation even as its price decelerates,” they said. The economic managers added the government should continue enforcing mitigating measures, particularly interventions in the food supply, the most controversial of which is rice.

Acknowledging losses due to weather disturbances, rice imports should be closely monitored to make sure their arrival is timely and its volume is sufficient.

“The country’s rice imports, along with the rice inventory of the National Food Authority (NFA), continue to improve with the completion of the Philippines’ government-to-government procurement and the first phase of the 2018 Minimum Access Volume (MAV).

In their statement, the economic managers called on the Department of Agriculture to speed up initiatives to distribute seed buffer stocks for rice and corn and other high-value crops in disaster-stricken areas in time for the planting season from November to January.

They also called on the populace, the private sector, to support the government’s initiatives to improve the quality of life for all. They also reiterated their commitment to maintain a stable price environment to sustain the country’s economic growth.

(ASIA PACIFIC DAILY)