ECONOMIC AFFAIRSAsia News Network

Philippines April inflation jumps to 40-month-high of 4.9 percent

Food inflation alone rose 4 percent last month, up from 2.8 percent in March as flour, oils, as well as sugar prices also picked up.

A report also revealed that the hiring needs went down six percent, compared with a 16 percent growth in job applicants from Jan to March 2022.

The nation’s collective debt-to-GDP ratio was also found to have continued to rise amid the pandemic.

Figures released by the Australian Bureau of Statistics last week showed inflation had reached a two-decade high of 5.1% in the last 12 months.

The surge came despite a Bank of Korea benchmark interest rate hike by 25 basis points to 1.5 percent per annum on April 14.

With a yawning current account deficit and foreign reserves falling to as low as $10.8 billion, Pakistan is in need of external finances.

The country's top economic planner also said that the impact of Covid-19 is temporary.

About 53 percent of the cooking oil used in Bangladesh is palm oil and 80 percent of it comes from Indonesia.

The move comes days after the IMF said the Pakistani government had "agreed that prompt action is needed to reverse unfunded subsidies".

The ban on RBD palm olein exports becomes effective on Thursday (April 28) and will remain in place until the price of cooking oil drops.