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Food woes push inflation to 3-year high in July
10:52:22 AM | Friday, August 8th, 2014

Inflation shot up to a nearly 3-year high in July as millions of poor Filipinos endured steep price rises for essential foods, data from the government statistics agency showed Tuesday, August 5.

The central bank said it would not hesitate to further tighten policy rates to curb price pressures.

Inflation or the rise in prices of goods and services was 4.9% in July, the highest since October 2011, when it stood at 5.2%.

"This was mainly due to the jump in the growth of the heavily-weighted food and non-alcoholic beverages index," the Philippine Statistics Authority said in a statement.

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