Albay 2nd District Rep. Joey Salceda has maintained that there is no other way to solve the rising inflation rates, which jumped to 8.0 percent for November 2022, but to ensure adequate supply of food products, feed for animals, and fuel. | GabrielLaluINQ
“As I also emphasized then, the problem is food, feed, and fuel. That remains the case now. Even as the Bangko Sentral ng Pilipinas has already hiked rates to meet the US Fed’s actions, that is no substitute for supply solutions, especially since we are an economy in rapid recovery momentum,” he added.
“The primary driver of high inflation remains food prices, which have increased by 10% year-on-year. That is in part due to our rigid food trade regime in crops in short supply, such as sugar and onions. We already know what happens when we open up our food markets: Because of rice tariffication, rice inflation is the lowest among all major food items in the CPI,” he said.
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