Philippines Caps Pork, Chicken Costs Amid Higher Prices

(Bloomberg) -- Philippine President Rodrigo Duterte has issued an order capping for 60 days pork prices in the capital that almost doubled from last year.

The maximum price of pork belly in the capital was set at 300 pesos ($6.24) per kilogram, while the dressed chicken price was also capped at 160 pesos per kilogram, Duterte’s spokesman Harry Roque said at a televised briefing Monday.

Pork prices have soared up to 440 pesos from 240 pesos last year, based on government data as of Friday. The price increases were caused by supply pressures due to African swine fever and alleged profiteering by wholesalers and transporters, Agriculture Secretary William Dar said at a Senate hearing Monday.

The Bangko Sentral ng Pilipinas said inflation in January will likely settle within the 3.3% to 4.1% range. In the first half, price gains may be above the mid-point of the central bank’s 2% to 4% target this year, Deputy Governor Francis Dakila said. Latest inflation data is due on February 5.

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