The government needs to help smoothen the movement of food items to help normalize prices following a spike in November that was caused by the series of typhoons that hit the country, according to the Department of Finance.
In his latest economic bulletin, Finance Undersecretary Gil Beltran said inflation in November surged to 3.3 percent mainly due to higher prices of key food items.
The November inflation rate was higher than the 2.5 percent recorded in October and 1.3 percent in the same month last year. It also brought the year-to-date average inflation to 2.6 percent. Still, Beltran said, inflation is within the government’s two to four percent target.
He added, “However, to ensure prompt price normalization, the Department of Agriculture and Department of Transportation may need to facilitate movement of food supplies from imports and food-surplus regions.”
The spike in vegetable prices was primarily due to the typhoons that hit the country.