PHILIPPINES: The inflation rate soared to 21%...
Times staff and wire reports
PHILIPPINES: The inflation rate soared to 21% in January, the highest level since 1985. The National Statistics Office reported that the price of goods and services jumped 16.6% from the December, 1990, level. Higher oil prices and higher price ceilings for rice, sugar and other basic food items caused most of the inflation. Double-digit inflation is expected to surge further when a 9% import levy and impending power rate increases take effect.
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