Marcos Administration Confident of Better-than-Expected 2024 Inflation

Malacañang expressed optimism on Saturday that the country would end 2024 with a favorable inflation rate following a significant slowdown in price increases last month. The Presidential Communications Office (PCO) announced, “We are upbeat in our belief that average inflation for 2024 will be better than expected.”

Economic managers under the Marcos administration predict inflation to settle between 3% to 4% for the year. In September, inflation dropped to 1.9%, a sharp decline from the 3.3% recorded in August, driven by slower increases in food and transportation costs.

The government plans to sustain strategies that successfully slowed inflation, including boosting food production and ensuring timely imports to prevent supply gaps and price manipulation. As the holiday season approaches, the administration is focused on stabilizing prices to maintain consumer confidence.

The PCO emphasized that the low inflation environment is the result of the administration’s efforts to keep prices affordable for Filipino families, particularly across food, transport, and utilities sectors.