Duterte on inflation: Economic team 'working on it'

ABS-CBN News

Posted at Sep 11 2018 04:55 PM | Updated as of Sep 11 2018 05:08 PM

A woman attends to her vegetable stall in Manila. Jonathan Cellona, ABS-CBN News

MANILA -- President Rodrigo Duterte said Tuesday his economic managers were "working" on taming inflation, which accelerated to its fastest in nearly 10 years in August.

Duterte said he would preside over a Cabinet meeting later Tuesday to tackle inflation.

"Ang inflation rate, medyo mataas (Inflation is a bit high). The economic managers are working on it. We are having a Cabinet meeting right after this and I'll also have the chance to ask some questions," Duterte said.

"The economic life of the country cannot be a bed of roses," Duterte said in a televised interview with Chief Presidential Legal Counsel Salvador Panelo.

"I am not denying, because everybody in this planet Earth is suffering," he said.

Consumer prices rose 6.4 percent year-on-year in August, exceeding government and market forecasts and putting pressure on the Bangko Sentral to raise its benchmark rate for the the fourth time this year, analysts said.