Higher cost of food sends inflation to highest level in 9 years
The rising price of food commodities such as rice, meat, and fish had sent inflation to its highest, or worst, level in nearly a decade.
Yesterday, the Philippine Statistics Authority (PSA) reported that the headline inflation rate accelerated to 6.4 percent year-on-year (YOY) in August 2018, faster than the previous month’s 5.7 percent and the 2.6 percent of the same period last year.
“The highest contributors to inflation in August are electricity, gas, and fuels, fish, rice, personal transport, vegetables, and meat,” PSA said.
“Reforms in agriculture will continuously be implemented to address the supply issues causing the rise in food prices,” it added.
The country’s economic managers then said that a committed effort from government in the agriculture sector should boost supply of key products and introduce policy reforms to bring down prices for all Filipino families.