Price spiral feared in Ompong's wake

THE expected spike in the price of food and other prime commodities following the devastation wrought by Typhoon ''Ompong,'' the continuing slump in the value of the peso against the US dollar as well as spiralling fuel prices highlight the need for the creation of a presidential commission to fight inflation, a legislator said on Saturday.

Party-list Rep. Michael Romero of 1-Pacman said the adverse effect of Typhoon Ompong will have lingering impact on the supply of rice and vegetables that would be felt shortly. 

Rep. Michael Romero
That will cause retail prices of the commodities to jump yet again this month and inflation this will cause will be felt for months to come, he said

“To steer the country out of the inflation rut it is in, I suggest to President Rodrigo Duterte that he constitute a presidential task force to combat inflation,” Romero, assistant deputy majority leader, said.

He said the Filipino people want to see a coordinated attack on inflation by government agencies whose mandates affect various components of the consumer price index.

“Our inflation problems started during the lean months for rice last year. With the peso depreciating even further this year, imported fuel will become more expensive and worsen inflation. The people want swift action now,” Romero added.

“We could have a bleak Christmas if the task force on inflation is not formed now and pushes inflation back to below 4 percent,” Romero warned.

He made the recommendation following inflation rising to 6.4 percent, continuing shortage of discounted rice for the poor, rising utilities charges, and discord among agencies with the mandates to address inflation.

Topics: Typhoon 'Ompong' , food prices , Philippine peso , US dollar , inflation rate
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