offs ▁in ▁the ▁public ▁and ▁private ▁sector . ▁L ay offs ▁in ▁the ▁private ▁sector ▁have ▁increased ▁five - fold . ▁ ▁In ▁April ▁ 2 0 1 6 , ▁month ly ▁infl ation ▁in ▁the ▁country ▁rose ▁to ▁ 6 . 7 %, ▁the ▁highest ▁since ▁ 2 0 0 2 , ▁according ▁to ▁the ▁indicator ▁dis sem in ated ▁by ▁Congress ▁based ▁on ▁reports ▁from ▁economic ▁consult ants ▁for ▁the ▁susp ension ▁of ▁IN DE C ▁indices , ▁decre ed ▁in ▁December ▁In ▁inter ann ual ▁terms , ▁infl ation ▁reached ▁ 4 1 . 7 %, ▁one ▁of ▁the ▁highest ▁in ▁the ▁world . ▁By ▁ 2 0 1 6 , ▁it ▁is ▁estimated ▁that ▁infl ation ▁reached ▁ 3 7 . 4 %, ▁the ▁fis cal ▁def ic it ▁ 4 . 8 % ▁and ▁G DP ▁will ▁fall ▁by ▁ 1 . 9 %. ▁In ▁December ▁ 2 0 1 5 , ▁in ▁fis cal ▁year ▁ 2 0 1 5 , ▁it ▁announced ▁the ▁elim ination ▁of ▁export ▁ret ent ions ▁for ▁whe at , ▁ma ize ▁and ▁meat , ▁while ▁reducing ▁with hold ing ▁tax es ▁on ▁so y bean ▁to ▁ 3 0 %, ▁with ▁a ▁fis cal ▁cost ▁of ▁ 2 3 , 6 0 4 ▁million ▁pes os . ▁This ▁led ▁to ▁strong ▁increases ▁in ▁st ap le ▁products , ▁including ▁oil ▁which ▁increased ▁by ▁ 5 1 %, ▁fl our ▁ 1 1 0 %, ▁ch icken ▁ 9 0 %, ▁and