MANILA, (PIA) -- President Ferdinand Marcos Jr. expressed confidence that the inflation rate will go down in the second quarter of the year, along with the decrease in the price of fuel and imported agricultural products even if inflation rises to 8.7 percent in January 2023.

Pres. Marcos said the continued rise in inflation is unfortunate and that the measures implemented by his administration "have not yet gone through the system," in a video message shared by the Presidential Communications Office.

"As I said, the importation of many of the agricultural products, which have been a large part of the inflation rate... we have already taken some measures so that the supply will be greater and so that will bring the prices down but that will take a little time," he said.

"And my continuing estimate or forecast is that by – we can see the lowering of inflation by the second quarter of this year," he added.

The President also pointed out that with the decrease in the price of petroleum products and agricultural products, the inflation rate will continue to decrease, as he expressed his belief that, "this is going to be as high as it's going to get."

According to the International Monetary Fund (IMF) January 2023 World Economic Outlook Update, inflation is a global problem that will continue to be a challenge for countries around the world.

According to the report, the global fight against inflation, Russia's war with Ukraine, and the resurgence of COVID-19 in China weighed on global economic activity in 2022, and the first two factors will continue in 2023.

The Philippines' recorded inflation rate of 8.7% in January 2023 was faster than the 8.1% recorded surge in December 2022.

According to the Philippine Statistics Authority (PSA), this mainly affected the increase in housing rentals, electricity and water bills, as well as the prices of vegetables, milk, eggs, fruits and nuts.

The National Economic and Development Authority (NEDA) said that the Marcos administration is taking steps to maintain the movement of food prices in line with inflation and food security objectives, with high agricultural productivity, food supply augmentation, and energy security.

Short-term measures include boosting supply such as through temporary easing of import restrictions, price monitoring, and targeted social support, while medium- to long-term priorities include of ensuring food security through higher agricultural productivity and ensuring energy security through the continuation of the energy transition and development programme.

The President's economic managers expect inflation to have a moderate surge for 2023 to 2024. (PIA-NCR)