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May 28, 2017

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Philippine inflation jumps following super typhoon

MANILA--Devastation caused by Super Typhoon Haiyan pushed inflation in the Philippines to a two-year high of 4.1 percent in December, the government said Tuesday.

Economic Planning Secretary Arsenio Balisacan said major food items rose across the board, especially in storm-hit areas.

He said December's inflation was the highest since the 4.2 percent registered in December 2011.

However, full-year inflation averaged 3.0 percent, which is at the low end of the government's 3.0 to 5.0-percent target.

Balisacan said that adding to inflation pressures were an uptick on oil prices as well as a 40-ercent hike in generation charges imposed by Manila Electric Co., which distributes power to Manila and its surrounding provinces.

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