President Bongbong Marcos took to social media today to proudly declare a significant decline in the country’s inflation rate, reaching a low of 3.9% in December 2023, marking the most favorable economic outcome of the year.
“Natutuwa akong ibalita na bumaba pa ang inflation rate sa bansa noong Disyembre 2023 sa 3.9% —ang pinakamababa noong nakaraang taon, mula sa 4.1% para sa Nobyembre 2023,” President Marcos announced in a tweet, emphasizing the government’s commitment to bolstering the nation’s economic conditions.
“Patuloy ang pagsusumikap ng pamahalaan para pagandahin ang kalagayan ng ating ekonomiya,” he added.
In December, inflation experienced a third consecutive monthly easing, dropping to 3.9%, down from 4.1% in November, according to a report by the Philippine Statistics Authority (PSA).
Government data revealed a noteworthy progression, with the inflation rate at 4.1% in November 2023 and a higher 8.1% in December 2022.
Although inflation has finally returned to the government’s target range of 2 to 4 percent, the annual average for 2023 reached 6 percent, surpassing the annual target for the second consecutive year.
This figure, however, was still an improvement from the 5.8% average price growth recorded in 2022.
President Marcos urged the nation to sustain this positive momentum into the new year.
“Para sa bagong taon, lalo nating palalakasin ang mga programa para sa agrikultura, at tututukan ang mga hakbang upang mapanatiling abot-kaya ang presyo ng pagkain at iba pang pangunahing bilihin.”
The decline in the general inflation rate in December 2023 can be chiefly ascribed to a reduced year-on-year expansion in the housing, water, electricity, gas, and other fuels index, registering a decrease from 2.5% in the preceding month to 1.5%.
Correspondingly, there was a dip in the inflation rate for food and non-alcoholic beverages from 5.7% in November 2023 to 5.4% in December 2023.
However, not all citizens shared the sentiment of improvement, with numerous netizens expressing skepticism about the reported gains.
Many claimed that the prices of basic commodities remained high and, in some cases, continued to rise.
“Ulol wag kami, palibhasa Di mo alam. Ang nangyayare sa bayan,” responded a netizen on X.
“Wow ha, magkano na nga ulit bigas?” commented a netizen named Glenieta.
“Ramdam ng mayayaman/oligarko/bayarang trolls ang pagbabaga ng Inflation… pero kaming mga mahihirap/salary workers ganun hindi. presyo ng bilihin mataas pa rin,” commented Sithlord23 (@djplaza23).
“Magtataas na naman ang bigas teh! Ano bah,” commented Amianan, another X user.
“Fooling the people again, that’s what you are good for, budol budol is real indeed!” posted Almhel.
The Daily Netizen 