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Can someone help me answer this, it would be great help! Thanks! Soaring food prices hit Philippine consumers amid recession February 9, 2021 (Pep-Net.org) When
Can someone help me answer this, it would be great help! Thanks!
Soaring food prices hit Philippine consumers amid recession February 9, 2021 (Pep-Net.org) When President Rodrigo Duterte's 60-day price freeze on pork and chicken took effect on Monday, over 300 meat retailers in Manila's Paco market decided not to open for business. "The sellers couldn't find supplies that they can sell at prices set by the executive order," said Hector Salonga, vice president of the market's stall owners association. "Some will probably stop selling for the meantime or risk being penalized" if they don't follow the price caps. The situation underlines the Philippines' predicament over rising commodity prices, which has burdened residents at a time when the country is reeling from one of the worst pandemic-induced recessions in the region. Government officials said the inflation uptrend is temporary, but some economists have warned that prices may stay elevated during this year, eroding the purchasing power of millions of consumers and complicating economic recovery. Last week, the Philippine Statistics Authority reported that inflation in January quickened to 4.2% year-on-year, the highest in 24 months. The figure breached the central bank target and marked the fourth straight month of acceleration. Pork has particularly been grabbing headlines since the Christmas holiday season. Prices of pure pork meat in Metro Manila surged by 77% in January, driving the 17.1% overall inflation for the meat category, according to the statistics agency. Meanwhile, vegetable prices climbed 21.2%. The price increases have been attributed to supply constraints due to the African swine fever that has decimated hog farms and a series of typhoons late last year that damaged plantations. "There is a significant chance that full-year inflation will exceed [the central bank's] 4% target, unless the supply constraints are addressed," said Emilio Neri, lead economist at Bank of the Philippine Islands. A possible increase in global oil prices could also push inflation, he added. Apart from price freeze in Metro Manila, Duterte has also approved more pork imports to increase supply, Cabinet Secretary Karlo Nograles said last week and warned that the government will hunt "smugglers, profiteers and hoarders." The last time the government took extraordinary steps to tame inflation was in 2018 when prices surged to a 10-year high due to a rice shortageStep by Step Solution
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