Statement of the National Economic and Development Authority (NEDA) on the SWS survey results for March 2023

Families tend to self-rate themselves as poor when the inflation rate, particularly food inflation, is high.

The SWS survey results for March 2023 reflect that tendency, even as the labor market conditions have been improving, as shown by recent months of PSA surveys. That is why we have been working hard to address the issues contributing to the price elevation in recent months.

The administration has succeeded in reducing overall inflation in the past three months, as shown also by PSA survey data. We have, however, much more work to do as the government targets inflation to return to low levels of 2 to 4 percent by the end of the year.