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PHILIPPINES' BSP CITES OIL PRICES AS REASON FOR INFLATION RATES.
MANILA, July 1 The record prices of oil, which has reached over $ 140 per barrel, is on top of the reasons cited by the Bangko Sentral ng Pilipinas (BSP) for projecting the June inflation between 10.4 per cent to 11.2 per cent.
BSP deputy governor and officer-in-charge Armando Suratos, in a text message to reporters Monday, said the high oil prices has resulted to the upsurge of prices of oil in the domestic front as well as the higher wages and adjustments in the cost of living allowance (COLA) of workers nationwide.
Other contributing factors to the inflation forecast of the central bank are increase in the price of rice and cost of petroleum products and weather related increases in prices of fruits and vegetables.
Suratos added that higher cost of imported commodities due to depreciating peso ...
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Source: HighBeam Research, PHILIPPINES' BSP CITES OIL PRICES AS REASON FOR INFLATION RATES.