News : In Graphic Detail: Inflation

Sunday, August 20, 2023

In Graphic Detail: Inflation

August 21, 2023

Source: BSP policy statement

Inflation pinch

💶 The BSP's Monetary Board sees average inflation for 2023 reaching 5.6 percent, while the average inflation forecasts for 2024 and 2025 now stand at 3.3 percent and 3.4 percent, respectively.

💶 The increase in prices are linked to the impact of possible higher transport charges; higher minimum wage adjustments; persistent supply constraints on key food items; and the effects of El Niño on food prices and power rates.

💶 Because of this, the Monetary Board maintained its current monetary policy settings to allow a moderation of inflation.

Ninety-four percent of Metro Manila's middle-class Gen Zs and millennials felt the impact of inflation during the second quarter of this year, highlighting the burden of rising prices on Metro Manila's young labor force.

Inflation assistance for all

Filipinos struggling to cope with rising prices can only look with envy as Senate President Miguel Zubiri recently announced that all 3,000 Senate personnel will receive by August a 317-percent increase in their one-time "inflation assistance."

It takes a whole nation to fight inflation

What has the government done so far? DA's 2023 budget was increased by 39.2 percent, totaling P184.1 billion, to enhance food security and agricultural productivity.

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