The government is committed to addressing economic challenges to sustain the country’s growth momentum, President Ferdinand R. Marcos Jr. said Tuesday as he welcomed the further drop in commodity prices.

In a statement, Marcos welcomed the latest Philippine Statistics Authority (PSA) report, which showed that headline inflation further eased to 2.78 percent in January 2024, the lowest since the 2.3 percent recorded in October 2020.

“We are pleased to announce a significant slowdown on inflation for January 2024,” he said.

“We remain committed to easing the burden on our citizens, as evidenced by the recent electricity bill discounts for low-income households.”

The January 2024 inflation rate is lower than the 3.9 percent posted in December 2023 and the 8.7 percent registered in January 2023.

The President attributed the slowdown in inflation to the 3.3 percent decline in food inflation, compared to the previous month’s 5.5 percent.

The downward trend, he said, was also driven by the government’s proactive measures, including the implementation of the National Adaptation Plan and the reactivation of Task Force El Niño.

“Additionally, strategic partnerships with countries like Vietnam for rice supply to allow further imports of key food commodities are crucial steps towards ensuring sustained progress,” Marcos said.

He also called on the public to help the government in addressing economic challenges to build a better future for everyone under a “Bagong Pilipinas” (New Philippines).

In a separate statement, Budget Secretary Amenah Pangandaman said the latest inflation rate indicates that the government’s economic policies are effective, despite global headwinds and climate change. (PNA)