Everything was normal until July 2022. For 25 years, Philippine inflation followed—lagging sometimes, leading occasionally—the price of Brent crude oil. Know more:
Everything was normal until July 2022. For 25 years, Philippine inflation followed—lagging sometimes, leading occasionally—the price of Brent crude oil. A price chart of the two together is understandable to an eight-year-old child, let alone super educated economists. “Gee Papa, the lines go in the same direction”.
Brent is still in a downtrend and Philippine inflation is in an uptrend maybe even stronger than before. Why? Vegetable prices spiking, as exemplified by onions , is the example. We import a lot of produce. However, there are imported onions through the front door and through the back door. Those suppliers are in competition. The legit importers must pay duty, which cuts into profit margins. The underground importers have to risk confiscation and fines. But the majority of end user prices are fairly much the same.
Every grower of produce or livestock will hold products from the market if feasible to get a higher price. Joseph and Pharaoh stored grain at “normal” prices for seven years to sell when famine had people selling their land to buy that grain.
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