Filipinos must brace for higher inflation and expect the further decline of their purchasing power, according to the Philippine Statistics Authority (PSA) and local economists. Know more:
FILIPINOS must brace for higher inflation and expect the further decline of their purchasing power, according to the Philippine Statistics Authority and local economists.
In a separate briefing, the President was asked to comment on the inflation rate and he dismissed the question and he disagreed with the 6.1 percent inflation rate saying inflation in the country was not that high. For the poorest Filipinos, their purchasing power is even lower. BusinessMirror estimated that for the Bottom 30 percent or the poorest 30 percent of the population, the value of the currency is at P0.72 centavos as of June 2022 from P0.74 centavos in March 2022.
The increase in inflation hurts the poor more. Mapa said food alone has a weight of 34.8 percent in the Consumer Price Index for all households and as much as 55 percent for the bottom 30 percent. Transportation also posted a 6.8-percent increase in inflation and accounted for 11 percent of the rise in inflation for the poorest Filipinos.
However, Lanzona said, certain internal factors also affect the increase in commodity prices. One example, he said, is the increase in minimum wages. Balisacan said among the major provisions of the LDC Bill is the updating of the corn industry roadmap, along with the establishment of “competitiveness enhancement funds” for the livestock value chain.
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