Filipinos have not seen the worst in high commodity prices as the government said the headline inflation rate may not have reached its peak yet and food is expected to become even more expensive, according to the PSA. Know more:
FILIPINOS have not seen the worst in high commodity prices as the government said the headline inflation rate may not have reached its peak yet and food is expected to become even more expensive, according to the Philippine Statistics Authority .
Food inflation, Mapa said, includes raw food which accounts for 35 percent of the Consumer Price Index and processed food consumed in restaurants, accounting for 9 percent of the basket. This action, BSP said, aimed to bring inflation and inflation expectations back to the target to ensure the balanced and sustainable growth of the economy in the medium term.
However, BSP said both tenors were undersubscribed with bids reaching 0.85x and 0.97x the respective volume offerings in the 7-day and 14-day TDF. Nonetheless, it noted that total tenders received, amounting to P307.145 billion, were within the lower range of the volume expected by the BSP. Neda said the government is committed to ensuring sufficient food supply and sustained subsidies to help Filipinos access affordable goods and services as inflation persists due to domestic and global pressures.
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