Food inflation remains a problem for both national governments and households across the world as the factors that caused fast-rising prices last year, such as Russia’s invasion of Ukraine, are still influencing the world market, according to the UN.
The Bangko Sentral ng Pilipinas expects inflation in January to be within the range of 7.5 percent to 8.3 percent.
Amis also said that markets for staple foods continue to be tight and price instability for these crops is likely to intensify with any major supply shock. Further, Amis said fertilizer prices have fallen from their peaks but also remain high, despite recent drops in the prices of natural gas, which is a major input for nitrogenous fertilizer as well as an energy source for the production process.
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