Charles Teves
The Philippine Statistics Authority (PSA) reported on Tuesday that the inflation rate in November had accelerated to a record high in 14 years, further adding to the worries of Filipino consumers.
According to PSA figures, inflation accelerated to 8% in November from 7.7% in October.
In a press conference, Deputy National Statistician Divina Gracia Del Prado said that the latest number is the highest it has been since November 2008. This is when the inflation rate peaked at 9.1% due to the global financial crisis.
Still, this is well within the 7.4%-8.2% range predicted by the Bangko Sentral ng Pilipinas (BSP) for the month. The annual inflation rate is currently 5.6%.
The PSA blamed the possible “spillover effect” of the typhoons that hit the country in October for the increase in food and non-alcoholic beverage prices that led to the higher figure last month.
Vegetables, tubers, rice, sugar, candy, and desserts account for a sizable portion of this commodity’s total output.
Official statistics show that the rate of inflation has risen not only for food and lodging, but also for furniture, appliances, and general maintenance and repair.
While national inflation rose to 7.7% in October, it fell to 7.5% in the National Capital Region in November (NCR).
The main reason given by the statistics bureau for this was a slowing in price increases for necessities such as rent, utilities, and food.
“‘Yung dating matataas, ‘yung meat, fish and rice na talagang nag-affect nung pagtaas ng food sa NCR, now they are (on a) downtrend,” Del Prado explained when asked why trends in food inflation nationwide and in the capital region were different.
Netizens expressed that the government should not be excused for its “inaction” even though the whole world is experiencing inflation.
iyak na naman mga pinakuluan ✌️👊♥️💚 pic.twitter.com/K1T7BNv10m
— Malacañang Events and Catering Services (@MalacananEvents) December 6, 2022
Yes, inflation is a global phenomenon. But government inaction is not.
At this point, we need a government who will come up with creative and effective ways to help ease the burden of rising prices especially for those with fixed and meager incomes. pic.twitter.com/YKjfpXPanh
— JR Santiago (@oslecjunior) December 6, 2022
Hindi uubra ang "hindi na lang ako bibili ng sibuyas" sa 8.0% inflation rate. 'Wag nang hintaying wala ka nang mabili bago pa maghanap ng aksyon sa gobyerno. https://t.co/NCkTJFGksL
— Ash Presto 💜 (@sosyolohija) December 6, 2022
Payag ka record-high inflation tas nanakawin pa pensyon mo? ✌️ https://t.co/BblgUWBDOP pic.twitter.com/PkbQRJvotb
— KADAMAY (@KadamayNtnl) December 6, 2022
The HIGHEST recorded inflation since Nov 2008!!!!!
Is there anything this admin can do aside from making its people suffer in so many different ways? pic.twitter.com/1EI0kDvYuA
— Citizen Jane (@citizenjaneph) December 6, 2022
Wait, INFLATION even HIGHER now? And we are still expending so much ENERGY on this MAHARLIKA issue!?!?PRIORITIES naman, work on BASICS muna!!!
— Richard Heydarian (@Richeydarian) December 6, 2022
Highest inflation since 2008 https://t.co/qwXUSX1z5d
— @dumidyeypee elsewhere (@dumidyeypee) December 6, 2022
Well it’s clearer right now. The inflation rate is higher at 8 % and latest trust rating survey tries to add credibility to the first six months of leadership. But the MWF is a quick high risk investment that would herald another disaster in the offing. https://t.co/Sg1Y0wsZwJ
— Tony Leachon MD (@DrTonyLeachon) December 6, 2022
Inflation rate in the Philippines now at 8%, a 14-year high. Kaya pa, Pinas?
— Mara Cepeda (@maracepeda) December 6, 2022
Inflation outside of Metro Manila increased to 8% in November, from 7.6% in October.
Only four of the country’s seventeen regions saw lower inflation: the Zamboanga Peninsula, the Davao Region, Caraga, and the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).
Del Prado reported that the rate in the Davao Region increased to 9.7% in February from 9.8% in January, making it the highest rate in the country.
