Malacanang said on Friday high inflation is now ''a thing of the past'' after June consumer prices fell to 2.7 percent.

"Soaring infation has been slayed. It is now a thing of the past," Presidential Spokeserson Salvador Panelo told reporters.

He said the Palace is pleased with the 2.7 percent inflation in June, considered the lowest rate by the Philippine Statistics Authority (PSA) since September 2017.

Panelo said the economic managers, the lawmakers and President Rodrigo Duterte should be "credited" for the lower inflation.

Quoting the PSA, he said the downward trend of inflation was attributed to the lower price of rice as an effect of the Rice Tariffication Law, signed by Duterte early this year, and the continuous decrease in prices of petroleum and gasoline, as well as other basic commodities.

"Due credit must be given to our country's economic managers for this positive development. The lawmakers of the last Congress should likewise be credited for supporting the President’s legislative agenda by passing Republic Act No. 11203," he said.

Panelo said the Palace was "sorry to disappoint" the critics of the administration who had "wishful thinking" inflation rose.

"I haven't heard praises from the critics. Why? What happened?" he added. Celerina Monte/DMS