Basic Commodity Prices Expected To Increase, BSP Says
The Bangko Sentral ng Pilipinas (BSP) said that the basic commodity prices are expected to increase again this month of September.
Over the past few months, the inflation rate on the prices of basic commodities has been one of the most discussed topics on the social media.
The consecutive price hikes are already affecting the daily budget and contributing to the burden of the Filipino citizen earning a minimum wage.
On Saturday (September 22, 2018), BSP Deputy Governor Diwa Guinigundo said that the reports from economic managers regarding the aftermath of Typhoon Ompong might affect the prices of basic commodities.
Last week, Typhoon Ompong carrying ferocious winds and torrential rains damaged the plant fields in Northern Luzon.
Guinigundo also explained that this was not the first time that inflation happened citing the 40 percent inflation rate during 1980’s.
The official also assured that the government was doing something to reduce the impact of the inflation in the country.
The BSP governor said that the agency would compose a team that will monitor the prices and qualities of rice and on implementing simplified importation rules.
The inflation rate was also expected to reduce by 2 or 4 percent in 2019 until 2020 from the 6.4 inflation rate this year.
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