Manila: Speaker Ferdinand Martin Romualdez on Thursday expressed optimism over the continued decline in inflation, which fell to 1.3 percent in May. He described the development as 'good news' that should directly benefit Filipino families.

According to Philippines News Agency, the Philippine Statistics Authority (PSA) reported a decrease in inflation from 1.4 percent in April to 1.3 percent in May, bringing the year-to-date average to 1.9 percent. This figure is well within the Bangko Sentral ng Pilipinas' target range of 2 to 4 percent and marks the lowest rate recorded in over five years.

Romualdez highlighted that inflation for the bottom 30 percent of households effectively reached zero in May, signaling the government's success in shielding the poorest sectors from rising prices. He emphasized the real-world implications of this data, saying, "This isn't just about charts or graphs. This is about the question every parent asks: Is our income enough to get us through the week? Right now, the answer is a little more hopeful than before."

The PSA attributed the slower inflation to reduced increases in housing, electricity, gas, and water costs, which rose by only 2.3 percent. Food inflation also remained low at 0.7 percent, a significant drop from 6.1 percent in May 2024. Meanwhile, transport costs continued to decline, and core inflation, excluding food and energy, held steady at 2.2 percent.

Romualdez credited President Ferdinand R. Marcos Jr. and the country's economic managers for their steady and coordinated response to inflation, stating that controlling inflation has been a top priority for the administration. He noted that the results are becoming evident with less price volatility and more tangible benefits for Filipino households.

The Speaker reaffirmed the legislative chamber's commitment to protecting the purchasing power of ordinary Filipinos. He mentioned that Congress is working on laws to lower rice prices, support farmers, and make basic goods and services more affordable. "We can't be complacent just because inflation is low this month. The goal is lasting relief," Romualdez said.

Key priorities for the House include amendments to the Rice Tariffication Law, the restoration of the National Food Authority's regulatory functions, and long-term investments in agriculture and food logistics. Romualdez also stressed the importance of measuring economic progress by its impact on ordinary lives.