Philippine inflation is now at a 26-month high, even after President Rodrigo Duterte ordered a price cap on surging pork and chicken prices in February
MANILA - .
National Statistician Undersecretary Dennis Mapa discussed the impact of the price cap, and whether or not it was an efficient solution to rising inflation. Food and transport inflation, shown here in blue and orange, respectively, were again the biggest contributors to faster inflation. They are both on a clear uptrend. Rising world oil prices, and the continued effects of the African Swine Fever outbreak on local meat supply remain the biggest contributors to the trend.
"Average inflation is expected to remain with the 2.0-4.0 percent target range over the policy horizon. The projected upward trend in inflation is seen to be temporary, driven primarily by supply side factors. The overall balance of risks to future inflation continues to lean toward the downside owing mainly to the continued uncertainty caused by the pandemic on domestic and global economic activity," Bangko Sentral ng Pilipinas Governor Benjamin Diokno said.
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