Albay 2nd District Representative Joey Salceda has called on the economic managers of the Marcos Jr. administration to prioritize stabilizing the price of corn, as inflation eased to 3.3% in August 2024.
Salceda, an economist and legislator, emphasized that managing corn prices could help prevent an “upward spiral” in food costs, particularly meat, especially chicken, which could rise rapidly if corn prices are not controlled.
While month-on-month inflation for meat has remained negative, the impact of feed prices has been “muted,” according to Salceda.
He also noted that while sugar prices have sometimes surged, they are currently more affordable. Additionally, Salceda highlighted the importance of closely monitoring oil price fluctuations as they have a critical effect on the overall economy.
“All in all, these results are positive,” Salceda said. He expressed optimism that President Marcos and his agriculture and food security team would continue efforts to reduce the prices of rice and corn in the coming months, especially with the rice harvest season approaching.
Salceda described the August 2024 inflation rate as “much-needed breathing room” for consumers, noting that while rice and corn prices were higher year-on-year, they have decreased compared to the previous month.