The Philippines has many economic concerns not least of which is the weather. Call it bad luck or a normal weather pattern, the last thing we needed was another major storm blowing through, damaging crops and agricultural infrastructure. Know more:
The Philippines has many economic concerns not least of which is the weather. Call it bad luck or a normal weather pattern, the last thing we needed was another major storm blowing through, damaging crops and agricultural infrastructure.
Inflation is the one issue that is most prominent in the news as the price of basic commodities and other consumer goods is most obvious to the public. It is also the one factor that in the age of globalization, the government is probably least able to influence effectively and sensibly. The immediate solution is always price control; and/or provide government subsidies.
For example, when oil was priced at $40 per barrel in 2020, Japan’s inflation rate was negative 0.5 percent. With an oil price of $100, Japan’s inflation is 3 percent. Indonesia had an inflation rate of a little over 2 percent as 2022 began and oil was $80. Oil near the $100 level and Indonesia’s inflation is running at seven-year high of 5.95 percent. In 2019, Vietnam had 2 percent inflation and was paying $60 for oil. Now its inflation is running at 4.3 percent.