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Can cash aid harm non-recipients by raising local prices? We show that a householdtargeted cash transfer in the Philippines increases the prices of perishable foods in some markets and raises stunting among non-beneficiary children by 11 percentage points (34 percent). Impacts increase in the size of the village income shock and remoteness-- and are sustained 2.5 years after program introduction. Price effects from an experimental sample are confirmed with national expenditure surveys collecteddoi:10.1162/rest_a_01061 fatcat:pylfh5mfm5f5lndfs5eg4vvk7i