News Release

DTI assures government is well-prepared to navigate through inflationary pressures

The Department of Trade and Industry (DTI) assured the public that the government is well-prepared to weather the inflationary pressures as the country’s inflation jumped to 3.4 percent in February this year.

DTI Secretary Alfredo Pascual on Tuesday said that while the uptick of inflation requires attention, it is important that said report is taken in broader context such as in both global and local economic settings.

“While the uptick in inflation rate requires our attention, it is crucial to understand it within the broader context of our dynamic global and domestic economic environments,” he said.

“Underpinned by robust fiscal and monetary policies, we are well-prepared to navigate through these inflationary pressures. We remain steadfast in our balanced approach to economic management — sustaining economic growth while ensuring price stability,” he said.

Earlier Tuesday, the Philippine Statistics Authority (PSA) reported inflation increased from 2.8 percent in January to 3.4 percent in February 2024, attributing to quicker increase in food prices, particularly on rice.

This inflation figure is still within the government inflation rate target which is within two percent to four percent, the DTI said. PND