El Niño is now considered one of the major upside risks to inflation in the next few months, according to the Bangko Sentral ng Pilipinas (BSP) and the National Economic and Development Authority (Neda). Know more:
EL Niño is now considered one of the major upside risks to inflation in the next few months, according to the Bangko Sentral ng Pilipinas and the National Economic and Development Authority .
BSP said the June 2023 inflation rate was within the BSP’s forecast range of 5.3 to 6.1 percent. It is also consistent with the assessment that inflation will remain elevated over the near term before gradually decelerating back to target range in last quarter of 2023 in the absence of further supply-shocks.
However, data showed that in 2014 to 2016 when the country also experienced an El Niño, inflation averaged 3.8 percent in 2014; 0.9 percent in 2015; and 1.4 percent in 2016. Mapa also said all rice categories, regular- and well-milled as well as special rice prices in June 2023, all increased. It can be noted that rice, the country’s food staple, is a water-loving crop.
The scenario of all rice categories showing rising prices, including special rice which is imported, indicates that El Niño is not just being felt in the Philippines but in other parts of the world.
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