© Reuters. FILE PHOTO: Vendors wearing face masks for protection against the coronavirus disease (COVID-19) stand by their fruit stalls at a public market in Quezon City, Metro Manila, Philippines, February 5, 2021. REUTERS/Eloisa Lopez
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MANILA (Reuters) – The Philippine government will help ensure inflation will be on target-consistent path over the medium term by addressing supply shocks and bottlenecks, Finance Secretary Benjamin Diokno said on Friday.
Philippine inflation accelerated in October to its fastest pace in nearly 14 years at 7.7%, driven by price gains in key commodity groups, including food and energy.
“To help address food and energy inflation, we are intensifying efforts to improve agricultural production and reduce power costs,” Diokno said in a statement. “Measures are also being implemented to help the agriculture sector rebound from the damages caused by recent typhoons.”
Among measures being considered, he said was the extension of an executive order reducing tariffs on pork, rice, corn, and coal.
President Ferdinand Marcos Jr., meanwhile, has ordered agencies to continue supporting the most vulnerable sectors via cash aid and fuel discounts to help cushion the impact of rising inflation, his office said in a separate statement.
