Higher rice and fuel prices in August end the Philippines' six straight months of inflation slowdown
MANILA, Philippines – Headline inflation jumped to 5.3% in August as rice and fuel prices rose during the period, the Philippine Statistics Authority reported on Tuesday, September 5., ending the six straight months of deceleration.
The Bangko Sentral ng Pilipinas is aiming for the inflation rate to settle between 2% to 4%. It earlier projected that inflation would settle between 4.8% to 5.6% in August.Meanwhile, theraised fares during the month. For both the LRT1 and LRT2, single journey ticket minimum fares were raised to P15 while maximum fares have gone up as high as P35.
The PSA released the latest inflation figures on the first day of the implementation President Ferdinand Marcos Jr.’s order setting a on rice. Economists, however, warned that a price cap would lead to supply constraints, hurting both consumers and farmers. –
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