NEDA considers stricter consumer protection to tame inflation

Government agencies can employ consumer protection measures and structural reforms to absorb short-term price shocks and help tame inflation over the long haul, Socio-economic Planning Secretary Cayetano Paderanga Jr. said Thursday. Paderanga presented the alternatives after the National Statistics Office (NSO) said inflation last month rose to 5.2 percent, pulling up to 4.7 percent the average inflation since January. Paderanga said stricter price monitoring and enforcement of laws against unfair selling practices can reduce the impact of inflation especially in areas outside Metro Manila. The National Economic and Development Authority (NEDA) chief also said reducing market layers between consumers and producers can also lessen some of the pressure on prices. Improvements in agricultural productivity can also ease inflation. Paderanga cited more efficient transport and logistics systems as key solutions. He also mentioned the use of appropriate technologies for farm production. The NEDA chief noted however that part of the June inflation can be traced to non-agricultural factors like higher college tuition fees and fuel price hikes. — ELR/VS, GMA News