Marcos, ‘misunderstood’ on disbelief in 6.1% inflation rate — Diokno

August 4, 2022 0 Comments

Finance Secretary Benjamin Diokno on Wednesday, 6 July defended President Ferdinand Marcos Jr. on his statement that he disagrees with the country’s inflation rate, citing that the Chief Executive was “misunderstood.”,In a media briefing at the Palace, Diokno clarified that Marcos Jr. was referring to the January to June average inflation rate of 4.4 percent.,“Let me begin by saying that the President’s disbelief at the 6.1 percent June 2022 inflation rate figure was misunderstood,” Diokno said.,“He was referring to it as a full-year figure when in fact the year-to-date, meaning January to June inflation rate is actually 4.4 percent,” he added.,In Tuesday’s press conference, Marcos said he “disagrees” that the country hit a 6.1 inflation rate in June, which was based on the Philippine Statistics Authority’s (PSA).,“I think I will have to disagree with that number. We are not that high,” he said.,Diokno also said that the President was saying that the current high inflation rate for June is a problem not only in the Philippines but around the globe. ,“Among our peers, Indonesia’s overall inflation climbed to 4.4 percent in June from 3.6 percent in May. Meanwhile, Thailand’s inflation rate increased to 7.7 percent in June from 7.1 percent in May,” he said. ,He also noted that the inflation rate in the European zone stood at 8.6 percent in June, the highest in 11 years, while the United State’s inflation rate in May reached a 40-year high of 8.6 percent.
,Diokno also claimed that the inflation rate of 6.1 percent for June is within the forecast of the Bangko Sentral ng Pilipinas, which ranges from 5.7 to 6.5 percent.,The Finance chief attributed the uptick of the inflation rate in June to the “faster price adjustments in operation of personal transport equipment; electricity, gas, and other fuels; and meat and other parts of slaughtered land animals.”,Diokno assured the public that the government is working to maintain price stability. ,“Rest assured, the recent acceleration of inflation will be arrested by the government through addressing constraints in the food, energy, and transportation and logistics sectors,” he said.