Typhoons, floods hike August inflation to 3.8%

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The series of typhoons and monsoon rain pushed the rate of price increase of food and services in the Philippines to higher-than-expected 3.8% in August

Higher food prices -- a result of the floods and infrastructure-related disruptions in transporting goods from agricultural crop producing areas -- contributed the most to the month's inflation rate.

MANILA, Philippines – The series of typhoons and monsoon rain pushed the rate of price increase of food and services in the Philippines to higher-than-expected 3.8% in August.

On Wednesday, September 5, the National Statistics Office (NSO) said higher food prices — a result of the floods and infrastructure-related disruptions in transporting goods from agricultural crop producing areas — contributed the most to the month’s inflation rate.

This is the second highest inflation rate recorded in 2012, next to January’s 4%.

Food commodities that posted the highest increases in price were fish, fruits and vegetables, the same commodities that were worst hit by typhoon Gener (international codename Saola) in late July and the Southwest monsoon in the first week of August.

The NSO said fish posted an inflation rate of 7.3%; fruits, 7.7%; and vegetables, 7.4% in August. There were also some increases in rice prices at 1% and the meat index at 1.3%.

The National Capital Region (NCR) posted the highest inflation rate in the country at 4.5%. This increase was mainly due to the 5% increase in food prices in August. – Rappler.com

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