The country’s inflation rate is on the downtrend and the government remains on track to attaining its target of slower inflation this year, the country’s socioeconomic planning secretary said on Friday.

“I think we are, kaya we will announce that next week. Yeah, I think that casually, we observed the moments of crisis recently. I do believe that we are on the downtrend,” National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said in a press briefing in Malacañang following his attendance to the NEDA Board meeting chaired by President Ferdinand R. Marcos Jr.

“We are continuing with the downtrend. But we will know the number, I think of Tuesday next week,” Balisacan told reporters when asked whether they are still on track on the forecast for a slower inflation rate this year.

The Philippine Statistics Authority (PSA) reported on May 5 that food prices continued to accelerate at a slower pace, which pushed down the inflation rate to 6.6 percent in April.

This is lower than the 7.6 percent posted in March.

The PSA said slower inflation of vegetables, fish, eggs and other dairy products, meat, and sugar pushed food inflation to drop to 8 percent in April from 9.5 percent recorded in March. (PND)