Nothing has changed’ Filipinos feel little relief as living costs remain high

Nothing has changed’ Filipinos feel little relief as living costs remain high

FILIPINOS feel little relief as living costs remain high because nothing has changed.

The inflation rate, or the speed of price increases for basic goods and services in the country, slowed down in June 2024.

According to data from the Philippine Statistics Authority (PSA), inflation slightly decreased to 3.7% compared to May 2024 and June 2023.

The main reason for the decrease in inflation is the slower rise in prices of housing, water, electricity, gas, and other petroleum products.

Additionally, there was a slight decrease in the inflation rate for rice last month.

“Of course, while rice inflation decreased, it wasn’t by much. Our weight for rice is 8.9%, and its inflation rate was at 22.5% in June from 23%. So, while it decreased, the reduction is small,” said Usec. Dennis Mapa, National Statistician and Civil Registrar General.

The Department of Agriculture (DA) believes that the widespread implementation of the P29 program and the rice-for-all program will greatly help continue the slowdown of inflation in the country.

About 30% of the Filipino population will benefit from this, which is expected to significantly impact inflation.

“This P29 and Rice for All, we know that rice has a 25% effect on the overall inflation basket and this will have an impact. Sir, will the effect decrease even more in the coming months? Yes, because food items have a large percentage in inflation and rice has a significant proportion,” said Asec. Arnel De Mesa, Spokesperson, DA.

However, there are Filipinos who didn’t feel the decrease in rice prices in June.

Imelda Jaca

“No, it seems like nothing has changed. The rice I used to buy for P50 is now P52, P53, it has increased even more,” said Imelda Jaca, consumer.

On the part of the PSA, they cannot yet say if inflation in the country will continue to slow down in the coming months.

They say that various factors still need to be considered that may affect overall inflation.

For now, although overall inflation has decreased, inflation for food and non-alcoholic beverages, especially vegetables and pork, has increased.

“Meat has the second highest weight in our food basket at 6.4%, and vegetables at 2.8%. These are potential risk factors for future inflation, particularly in July,” said Mapa.

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