With more imported pork and rice coming in, the Department of Finance (DOF) sees an end to elevated food inflation this month.
Food prices are expected to ease steadily as imports rise to boost domestic supply.
However, Finance Undersecretary and chief economist Gil Beltran said “bolstering food productivity is necessary for long-term food price stability.”
Beltran, in an economic bulletin, noted that food inflation was steady in June at 4.9 percent year-on-year, similar to the rate in May.
Last month, “the average prices of rice, fruits, and vegetables declined by 1.1 percent, 0.64 percent, and 2.71 percent, respectively, muting the higher-than-average inflation in the price…
Keep on reading: Food prices no longer an issue, says DOF