NextGen Day

In November of this year, there were further reports of faster increases in the prices of goods and services as the inflation rate increased to 8% from 7.7% in October 2022.

In a press event on Tuesday, Divina Gracia del Prado, the deputy national statistician for the Philippine Statistics Authority (PSA), said that the inflation rate from November 2021, which was 3.7 percent, is more than double the inflation rate from the previous month.

It is at its highest level since November 2008. In November 2008, the inflation rate was 9.1 percent, del Prado continued.

According to her, the nation’s inflation rate peaked in January 1999 at 10.7%.

Del Prado claimed that food and non-alcoholic beverage prices, which increased to 10% in the November 2022 poll from 9.4% in October this year, were the main cause of the higher inflation last month.

“If memory serves, a typhoon hit near the end of November. The increase in food and non-alcoholic beverages was primarily driven by veggies, she said, which is why I believe this is a spillover.

According to PSA data, last month’s inflation rate for vegetables, tubers, plantains, cooking bananas, and pulses was 25.8%. This is still less than the inflation rate of this basket in January of this year, which was 26.3%.

Del Prado reported that year-over-year price increases for red onions and white onions, respectively, were 137.2 percent and 47.2 percent, respectively, due to a supply problem that is driving up onion prices on the domestic market. While red onions had a 15.8% increase month over month, white onion prices slowed down in November compared to October pricing.

DBCC goal

The Development Budget Coordination Committee (DBCC) stated on Monday that it plans to target an inflation rate of 5.8% for the entire year of 2022.

With the most recent figures on inflation, the average rate from January to November of this year was 5.6 percent.

Del Prado claimed that as long as price rises in December 2022 don’t exceed 8.5 percent, the DBCC may still meet its inflation target for this year.

Arsenio Balisacan, the secretary of socioeconomic planning, said in a separate statement that the government would keep implementing targeted subsidies to lessen the effects of the nation’s rising prices for goods and services.

“We continue to implement steps to enhance food production and lower the cost of getting farm produce to the market in order to lessen price pressures,” Balisacan said. However, in order to make sure that the aid gets to the right individuals quickly, we need to strengthen our delivery methods, especially for the provision of ayuda (aid).

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