Price of goods likely to rise if US-Iran conflict escalates

Published January 8, 2020, 12:00 AM

by manilabulletin_admin

By Gabriela Baron

The prices of goods are likely to rise if the conflict between the United States and Iran further escalates in the Middle East, said a supermarket group.

A shopper checks her grocery list at a supermarket inside a shopping mall in Manila's Makati financial district September 22, 2008. (REUTERS/Cheryl Ravelo / MANILA BULLETIN)
(REUTERS/ Cheryl Ravelo / MANILA BULLETIN)

“It’s speculative but depende how fast things develop. If tuloy ang retaliation, immediate ‘yon. Sigurado sisipa kaagad,” said Philippine Amalgamated Supermarkets Association president Steven Cua in an interview with ABS-CBN News.

(It depends on how fast things develop. If the retaliation continues, the prices of goods will likely rise.)

In a recent report, oil prices climbed sharply on Wednesday after the Pentagon said Iran launched “more than a dozen ballistic missiles” at US military bases in Iraq.

Oil firms already implemented a P1.04 hike per liter on gasoline and a P.069 spike per liter on diesel.

The recent US-Iran conflict stemmed from the assassination of top Iranian commander Qasem Soleimani on Friday through a US-ordered strike.

 
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