Philippines inflation expected to hit 7%

Seven per cent inflation in the Philippines could be around the corner. More than half a million metric tons of paddy rice were wiped out by Super Typhoon Mangkhut last weekend, adding pressure to rice prices which are already at a record. Michael Enriquez, chief investment officer at Sun Life of Canada Philippines Inc., forecast inflation of as high as 7 per cent in September, from 6.4 per cent last month, which was the fastest pace since 2009. “There’s a strong possibility inflation will hit that high,” Enriquez said. “Even before the storm, prices have been moving higher, especially for rice and oil.”