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The Philippines, the First Asian Domino of Inflation Fueled by the War Against Iran
Summary by Eurasia
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The surge in inflation to 7.2% is the clearest warning yet of the havoc the Iran-Contra oil shock will soon wreak on developing Asia. A wake-up call for all of developing Asia, the Philippines’ April inflation surge is a serious warning sign—a veritable “canary in the coal mine” of economics that would be dangerous to ignore. The 7.2% year-on-year jump is roughly double the 3.4% growth rate recorded in the first quarter.
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