Retail prices of the more widely-consumed red onions skyrocketed to as high as 700 pesos per kilogramme in recent days in Manila markets, aconsumer price index last monthfrom a year earlier, the fastest rise in 14 years, bringing full-year average inflation to 5.8%, outside the central bank’s 2%-4% target range.on Tuesday signalled further interest rates hikes this year to bring inflation back within a target range of 2% to 4%.
“Even with that production I think we still really need to intervene in the market to help push the prices a little bit lower,” Mercedita Sombilla, agriculture undersecretary for planning, told Reuters.
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