Habito pointed out that oil prices were already driving domestic inflation even before the conflict erupted.
MANILA - Taming inflation may have just become more difficult as the war between Israel and Hamas could put pressure on world crude oil prices, said economist and former National Economic and Development Authority Director General Cielito Habito.
“The Middle East conflict really puts pressure again on, among other things, oil prices. And this has been one of the important drivers of our inflation,” he said. An economist from Moody's Analytics also earlier warned that the Israel-Hamas war could send oil prices surging above $90 per barrel level for a sustained period, which could in turn send the global economy into another recession.
Philippine economic managers currently expect inflation to fall within the 2 to 4 percent target in the fourth quarter of 2023.
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