Economic officials to discuss effect of oil price hikes Monday
The National Economic and Development Authority (NEDA) said officials will discuss on Monday the effect of the continuous oil price increases on the economy.
NEDA Undersecretary Rosemarie Edillon told the virtual ''Laging Handa'' public briefing Saturday they will exchange data with the Bangko Sentral ng Pilipinas and with the Department of Finance.
Monday's meeting will be held as the Philippine economy remains in the grip of high world oil prices.
The Department of Energy said a big fuel price increase will take place on Tuesday but did not disclose the amount. News reports said gasoline prices are expected to rise between P3.60 to P3.80 per liter and diesel is seen going up between P5.30 to P5.50 per liter.
Edillon said after analyzing the trends, it will present '' solutions. What will be short term, medium term and long term solution.''
Edillon said although fuel prices started going up in February it was not felt in the inflation rate which remained at three percent.
''Although we saw fuel prices going up, the inflation rate (of this sub-sector) is 12.8 percent and private transport 29.8 percent. But the biggest basket (in the consumer price index) is food and it registered 1.1 percent because the inflation rate of meat and fish went down. So, this sector helped in keeping inflation low,'' said Edillon. DMS
