Retailers see improving business as inflation slows
MANILA -A local trade association of retailers sees improving business for the rest of the year due to easing inflation, a welcome relief for an industry that had been severely challenged by the countrys high inflation environment after suffering deep cuts at the height of the COVID-19 pandemic.
Rosemarie Ong, president of Philippine Retailers Association (PRA), said on Thursday night said she sees industry sales increasing by a high of 9 percent after headline inflation slowed down for the fourth consecutive month in May to 6.1 percent.
PH inflation rate for May 2023 slows down further to 6.1%
Its a welcome development for us, especially because for several months weve been experiencing [high inflation]. So now, at least it is improving, Ong told reporters on the sidelines of the PRAs 2023 Awards Night for Outstanding Filipino Retailers.