Philippine President Ferdinand Marcos Jr. rejected a plan to import as much as 300,000 metric tons of sugar, Press Secretary Trixie Cruz-Angeles said.

The Sugar Regulatory Administration, in an order dated Aug. 9, said it approved the plan, which sought to import raw and refined sugar for delivery no later than Nov. 30. It said raw sugar production for the crop year ending this month is expected to fall 16% to 1.8 million metric tons.

Inflation hovers at its fastest since late 2018, driven by quicker increases in costs of food, drinks and transport.