KMP statement on the 7.7% October inflation

“We saw this coming. Increasing inflation will be the norm under the Marcos Jr. administration if no decisive efforts will be undertaken to stop the rising cost of food, products, and services. This is a continuing failure of ‘Bongbongnomics’.” This was the statement reaction of Kilusang Magbubukid ng Pilipinas (KMP) on the 7.7% inflation rate for October, the highest since December 2008. Davao region posted the highest inflation rate at 9.8 percent while NCR posted a 7.6% rate. Other areas outside NCR registered a 7.6% inflation.

The September inflation rate was also at a high of 6.9 percent. In July, Marcos Jr. dismissed the rising inflation rate, saying “we are not that high.”

“This skyrocketing inflation is becoming unbearable and unacceptable. Drastic measures should be undertaken by the national government to address the impact of inflation on consumers and the public.”

KMP said consumers are experiencing the heavy impact of food inflation from the compounded effects of successive typhoons, oil price hikes, and other factors.

KMP said urgent and substantial economic aid or ayuda is needed to cushion the impact of the rising inflation. “Kailangan itaas ang sahod at ibaba ang presyo. Alisin ang buwis sa langis at buwisan ang mga bilyonaryo para makadagdag sa pang-ayuda.”

“Farmers need cash aid and production subsidies. The Department of Agriculture (DA) must do away with its ‘importation obsession’ and seriously consider protectionist policies to protect farmers and local agriculture. All year round, farmers are battered by increasing prices of farm inputs and several typhoons hitting the country.

KMP said economic recovery will be impossible as long as Marcos Jr’s economic managers are giving priority to pro-business policies. ###

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