Soaring Rice Prices Fan Philippine Inflation in August
- Rice inflation speeds up to 8.7% in August from 4.2% in July
- Government may temporarily cut rice import tariffs: Balisacan
Rice inflation quickened to 8.7%, marking the sixth consecutive month of increase.
Photographer: Veejay Villafranca/BloombergThis article is for subscribers only.
Sharply higher rice costs halted a six-month decline in Philippine inflation in August, adding pressure on the central bank to step up vigilance against price risks.
Consumer prices rose 5.3% from a year ago after gaining 4.7% in July, the statistics agency said on Tuesday. While the print was faster-than-expected in a Bloomberg survey, it came within the central bank’s view of between 4.8% and 5.6%.