Measures imposed to counter inflation

Drastic measures are being implemented to bring down the rising inflation, which is mainly caused by supply issues, higher global oil prices and the peso’s fall, a trade official said.

Asteria Caberte, director of the Department of Trade and Industry in Central Visayas, recently said that key agricultural products, especially rice, have significantly contributed to inflation.

She said the issue of rice supply must be addressed as soon as possible.

The quickening price growth has also been driven by high fuel prices in the world market and the weakening peso, making imported goods more expensive.

Caberte, however, noted that manufacturers had agreed to suspend any price hikes through year's end.

She cited that sardine makers had previously raised prices due to higher cost of their inputs such as tin cans which they import overseas. In Central Vi say as, the DTI had noted few products that raised prices. Among the products it monitors include sardines, coffee, milk and other basic goods.

Of the 182 products the agency monitors in the region, only seven increased prices.

Caberte said the price hikes range between 4-10%. Inflation last September rose 6.7%, pushed up by rising food and transport costs.

Earlier, Philippine Retailers Association-Cebu president Robert Go had projected the inflationary trend to continue through the holiday season as demand for products go up.