Inflation hits new 9-year high in August

By: Jose Santino S. Bunachita - 6 years ago

Inflation has reached a nine-year high of 6.4 for the month of August, the Philippine Statistics Authority (PSA) announced.

The Bangko Sentral ng Pilipinas (BSP) still attributed the increase to problems on rice supply as well as increase in worldwide oil prices.

In order for businesses to cope, Steven Yu, vice president for external affairs of the Mandaue Chamber of Commerce and Industry (MCCI), said the business sector should improve their productivity.

But he said they hope the BSP will not tighten their monetary policy again.

Meanwhile, economist Perry Fajardo said that consumers will just have to tighten their belts even more since the poor are the ones greatly affected by inflation.