Marcos: PH inflation 'out of control'

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Metro Manila (CNN Philippines, December 6) — President Ferdinand "Bongbong" Marcos Jr. on Tuesday said the Philippines' inflation rate — which soared to a 14-year high in November — is running "rampant and out of control."

In a speech at the Arangkada Philippines forum, Marcos said his administration is already identifying the main drivers of the 8% inflation rate.

The chief executive, however, highlighted the effects of imports on the rising prices.

"The main drivers of that inflation, unfortunately, are still imported — still imported inflation," Marcos said.

"So again, import substitution is still a good idea not only for foreign exchange reserve but also so that we can keep our inflation rate down," he added.

Last month's 8% inflation rate is the highest record since November 2008, when it soared to 9.1% amid a global financial crisis.

The Philippine Statistics Authority explained that the main driver behind the figure was the rise in prices of food and non-alcoholic beverages — a possible "spillover effect" of the typhoons that ravaged the country in the previous months.

Despite this development, Marcos said he believes the country's economy is still on track in its post-pandemic recovery.

"In fact, the country is on track to maintain its strong economic performance and achieve the government's growth target of 6.5% to 7.5% for 2022," he argued.