06 May 1998
El Niño hikes Philippines inflation
THE El Niño effect on Philippines agricultural production has been blamed by economists for the countrys climbing inflation.
The weather phenomenon has been particularly hard-felt in the southern region of Mindanao. Inflation rose to a 20-month high of 7.9% in April up from 7.3% in March, according to government figures.
Bernardo Villegas, of the school of economics at the University of Asia and the Pacific, said the farm sector would contract by 1.5%-3.5% this year because of El Niño, after growth of 2.8% last year.
- Financial Times 06/05/98 page 6