The poorest Filipinos experienced a 9.7-percent inflation rate in February, higher than the inflation seen by all Filipino households, according to the Philippine Statistics Authority (PSA). Know more:
THE poorest Filipinos experienced a 9.7-percent inflation rate in February, higher than the inflation seen by all Filipino households, according to the Philippine Statistics Authority .
“A 9.7 inflation will definitely affect our efforts toward poverty reduction. A 9.7 percent inflation means additional individuals who would not have the capacity for sustenance. As the price increases, the purchasing power of money depletes. This is worse for poor people because they will have even less money to buy what they need,” De La Salle University economist Maria Ella Oplas told BusinessMirror.
The weight of Restaurants and Accommodation Services in the Bottom 30 percent CPI is 7.5 percent, representing the third highest in the CPI. Given the weight and the recent increases in inputs such as raw ingredients and services needed for restaurants to operate, the poor would be significantly affected.
“This is really bad . High food and other prices will worsen poverty since food is the biggest component of the consumer basket. This means that the poor really do not have access to more efficient channels for food,” University of the Philippines School of Economics head of research Renato E. Reside Jr. told BusinessMirror.
Based on the CPI for the Bottom 30 percent, food and non-alcoholic beverages account for 54.93 percent of the CPI while food alone accounts for 51.38 percent of the CPI for the poorest households. The PSA traced the increase in food inflation mainly to the higher annual increment in the index of fish and other seafood at 11.1 percent during the month, from 7.1 percent the previous month.
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