Philippines inflation hits nine year high.

This is from AFP.
The worst part of this news is that the rate is being elevated most by increases in food prices. Maybe even such necessary beverages as San Miguel beer are going up too!



Philippines inflation hits nine-year high in May10 hours ago
MANILA (AFP) — Surging food prices in the Philippines pushed the inflation rate in May to 9.6 percent, the highest level since 1999, the government said on Thursday.
The National Statistics Office said the rise was "primarily triggered by the continuing higher annual price increases in the heavily weighted food, beverages and tobacco index."
"The rest of the commodity groups also posted higher inflation rates during the month," it said in a statement.
The May inflation rate was the highest level recorded since inflation hit 10.5 percent in January 1999, the statement added.
The inflation rate in April hit 8.3 percent.
The April figure brought average inflation in 2008 to 6.9 percent, well above the government's full-year target range of 3.0-5.0 percent.
The Philippines, one of the world's largest rice importers, has been hit hard by a worldwide rise in the price of rice.