BAYAN MUNA: INFLATION WOULD CONTINUE TO RISE IF TRAIN LAW IS NOT REPEALED

Rep. Carlos Isagani Zarate

BAYAN MUNA: INFLATION WOULD CONTINUE TO RISE IF TRAIN LAW IS NOT REPEALED

Bayan Muna Rep. Carlos Isagani Zarate today said that the country’s “already very high” September 6.7% inflation rate based on the latest Philippine Statistics Authority (PSA) data “will still continue to spike as it becomes now a monthly increasing burden to consumers.”

“October’s inflation rate may again increase due to the inflationary effect of the big time water rate hike as well as the continuous oil price hikes,” said the progressive solon. “The economy is now on the red while the Duterte administration is maliciously witch hunting alleged ‘reds’ and chasing phantom conspiracies.”

“Furthermore, historically speaking there is an added spike to inflation during the last quarter of the year due to the Christmas season and the increase in demand for goods. We would not be surprised if inflation breaches 7% and may even hit 8% before the year ends,” added the Davao-based solon. “As it is the Philippines’ inflation rate will continue to skyrocket unless the TRAIN law is repealed or the excise tax and VAT on oil are scrapped,” ended Rep.Zarate.###

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