From 5.7 percent in the month of July, the inflation rate in the country increased to 6.4 percent in August 2018.
This is the highest inflation rate reported by the Philippine Statistics Authority (PSA) in nine years.
President Rodrigo Duterte blames the policies of US President Donald Trump for the high inflation rate in the Philippines.
The Chief Executive first mentioned this during his meeting with the Filipino community in Jordan. He said the inflation in the country is directly affected by the tariffs imposed by Trump administration on imported goods from its trading partners.
“Who started it? The United States of America. When USA increased the price of rice, everything increased. We can do nothing about it. It’s the economy,” he said.
The United States has imposed a series of tariffs on products coming from various trading partners such as the European Union, Canada, Mexico and especially China.
These tariffs have angered trading partners and implemented retaliatory tariffs on US goods.
Meanwhile, Duterte alleged that the opposition is using the issue of inflation against his administration.
This is after reports surfaced that an oust Duterte movement is allegedly being organized for October 2018.
“They are feeding on that eh, rice, tapos itong inflation. Iyon ‘yung ginagamit nila in preparation for this October. Maybe this October,I can… I’ll have to talk to the military and the police,” Duterte said. — Rosalie Coz
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