NEWSFLASH

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GOVT SEES STABLE PRICES FOR FOOD, BASIC NEEDS

Manila, April 26, 1998 - A government task force is projecting stable prices of agricultural and basic products in the next two months due to reduced oil prices in the local and world markets.

Trade and Industry Secretary Melito Salazar informed President Ramos that prices of these goods continued to be kept at stable levels with hardly any major fluctuations because of adequacy in supply and rigid price monitoring activities done by local and national bodies.

He added that the steady demand for the consumer items has helped maintain prices. "Prices of canned fish, milk, coffee, laundry soap, detergent bars, common nail, wire, cement and steel are stable and supply has been adequate," Salazar reported. He expressed optimism that the government could achieve its target of low, single-digit inflation rate by the end of 1998.

Salazar is the acting chairman of the Economic Monitoring and Mobilization Task Force.

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