months, the Philippine Statistics Authority said Tuesday, blaming higher prices of food — particularly rice — and non-alcoholic beverages for the increase.
Increases in transport; recreation; housing, water, electricity, gas, and other fuel costs during the month also contributed to the rise in inflation. Mapa also said higher prices of vegetables during the month as a result of losses due to typhoons also contributed to higher inflation. The Bangko Sentral ng Pilipinas said inflation could be expected to remain high in the coming months due to the impact of supply shocks on food prices and rising oil prices in the world market.The National Economic and Development Authority assured the public that the government will strengthen its measures to ensure food security, protect consumers, and provide assistance to farmers.
“In addition, the alleged hoarding incidents, artificial shortage, and speculative business decisions of market players may have put further upward pressure on the domestic retail price of rice,” he said.
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