Philippines Inflation Expected to Rise by 4.4 Percent
Latest PSA Data Indicates Economic Concerns
Inflationary Pressures Mount on Filipino Families
Prepare for a potential increase in the cost of living this year. According to the latest data from the Philippine Statistics Authority (PSA), headline inflation, which measures the overall increase in prices for a basket of goods and services, is expected to climb to 4.4 percent in the coming months.
This projected inflation rate falls within the government's target range of 2%-4% for 2023. However, it still signifies a rise from the current 3.7% inflation rate, indicating mounting economic concerns for Filipino households.
PSA's data reveals that the major drivers of inflation include rising food prices, particularly those of vegetables, fish, and meat. These price increases are attributed to several factors, including supply chain disruptions, unfavorable weather conditions, and increased global demand.
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