INFLATION RATE SOARS TO 11.4 PERCENT

UNEDITED SAMPLE NEWS ARTICLE
By Therese Romaine Nalangan Rustia
IV-Michael Faraday


WITH THE DATA released by the National Statistics Office (NSO), it showed an 11.4 percent rise in consumer prices since June 2007, having the biggest inflation since 1994.

Due to the large increase of global oil prices, with $ 143 per barrel this week, the market was not surprised to have a double-digit inflation rate as a result.

Doing its best to lessen the effects of the increase in oil prices, the government showed initiatives to control the price of products.

Climbing from a 6.2 percent rise in May to 6.6 percent in June, this revealed that food and oil prices were surging faster than other products in the consumer price index.

At an average of 9.2 percent inflation in Metro Manila, the NSO said that escalation prices were as not as high compared with the 12.3 percent average outside the capital.

Bangko Sentral ng Pilipinas Governor Amando Tetangco said that results of widespread inflation in all countries were because of the unsustainable prices of both oil and food.

Showing no indication of slowing down, the prices of food around the globe are continuously rising though not as fast as oil.

As the government’s response, measures are being taken to help the country cope up with the global burden of ever-increasing prices.