THE Philippines recorded an average inflation rate of 6% in 2023, the National Economic and Development Authority (NEDA) said.

NEDA said that inflation for December 2023 further decelerated to 3.9% from 4.1% in November 2023, bringing the full-year average inflation rate to 6%, which is higher than the government’s target of 2% to 4%.

NEDA Secretary Arsenio Balisacan said the government is continuously monitoring prices and implementing measures to mitigate the impact of the El Niño phenomenon, which has added to the threat of higher inflation.

“We must remain vigilant in monitoring the prices of our commodities and continue to implement strategies to address short-term and long-term inflation-related challenges,” Balisacan said.

These strategies include timely deployment of trade policy tools along with sustained investments in irrigation, flood control, supply chain logistics, and climate change adaptation, he said.