Typhoon Jolina pushed Aug food prices up
Food inflation rose last month after Typhoon Jolina (international name: Pakhar) hit Central Luzon, a major food basket in the Philippines, according to the country’s chief economist.
In a report from the Philippine Statistics Authority, food inflation reached 3.7 percent in August 2017 from 3.4 percent in July 2017 mainly due to faster price increases in vegetables, fish, corn, flour, bread, and other cereals.
“One cause is Typhoon Jolina last month, which affected agriculture in Central Luzon, particularly in Aurora,” Socioeconomic Planning Secretary Ernesto M. Pernia said in a statement released Wednesday.
Headline inflation climbed by 3.1 percent year-on-year in August 2017 — slightly higher than market expectations of 3 percent, but still within government’s target of 2 to 4 percent.
— following a 2.8 percent gain seen in the previous month.
Aside from higher food prices, faster rates of adjustment in the transport, water, electricity, and gas also pushed consumer prices upward.