While a global phenomenon, inflation remains a vague concept for the most vulnerable.
Instead of measuring each item in the market, the CPI bundles products regularly bought together by the average consumer. Think of it as a basket of everything you need to survive daily. A year ago, your P1,000 could buy 3 kilos of pork and 2 cartons of milk. Now, P1,000 can only go as far as 2 kilos of pork and a single carton of milk. This signifies our decreasing purchasing power.sent the world to a standstill, the economy didn’t function the way it was programmed.
Soon enough, news of soaring inflation rates flooded the mainstream media. In December 2022, inflation peaked at 8.1%, the worst spike in over a decade. Supply-driven, as experts would say. Perhaps this was already expected in the midst of our recovering economy, but high costs trickling down to the average Filipino now meant putting in long hours of hard work without much return.
JC Punongbayan, an assistant professor at the University of the Philippines School of Economics, shares that in 2021, the government set the poverty threshold at P12,030 per month. “This is the average income needed to meet the minimum basic food and non-food essentials of a family of five. For that family size, this translates to a little over P77 per member per day.
Dr. JC Punongbayan is an assistant professor at the University of the Philippines School of Economics .
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