Rising inflation is not at all insurmountable. Having reliable insights on supply and demand is crucial in keeping consumer prices steady, especially for a large market like the Philippines. Know more:
Rising inflation is not at all insurmountable. Having reliable insights on supply and demand is crucial in keeping consumer prices steady, especially for a large market like the Philippines. Being on top of the situation will help us prevent sudden spikes in inflation as what happened last year.
Per the data of the Philippine Statistics Authority, the inflation rate in February eased to 8.6 percent from 8.7 percent in January. With the latest figure, the Bangko Sentral ng Pilipinas may either raise the policy interest rate again or temporarily hold its monetary tightening cycle to give the market time to cope with the 50-basis-point adjustment on February 17. That put the Philippine borrowing rate at 6 percent from a record low of just 2 percent less than two years earlier.
I am optimistic that inflation, here and abroad, will eventually go down as the global supply chain adjusts to new developments. China is reopening its borders while global crude prices are certain to come down from their 2022 peaks. The proposal of the National Economic and Development Authority to convene a high-level inter-agency committee to advise the President on measures to keep food prices stable is also a step in the right direction.
Food inflation remained high at 11.1 percent in February. Excessive food prices hurt the poor the most because they spend more than half of their income to feed their families. It is therefore in the best interest of the country to ensure food security to ease the burden on the vulnerable sectors of society.
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