Inflation hike in the Philippines

Inflation is described as a long-term increase in an economy's general price level of goods and
services. In the Philippines, inflation has been rising since 2018 but it’s been going up so fast this
year. This has resulted in price rises causing financial difficulty for many Filipinos.
According to Nikkei Asia, inflation in the Philippines hit a 14-year high of 8.7% in January, due
to rising energy, housing, and food costs. In the article's headline, this is the fastest rate since
November 2008, surpassing the 8.1% reported in December and much beyond the 3.0%
witnessed
in January last year, according to the Philippine Statistics Authority.  The number also above the
central bank's monthly prediction of 7.5% to 8.3% this results to the products to go higher with
the price causes for our fellow Filipinos to panic because the wage is not that high. This can
results such as decreased purchasing power among consumers, which can lead to poverty;
decreased investment due to uncertainty; increased unemployment due to high production costs;
decreased savings rate; increased inequality between rich and poor households; decreased
competitiveness among local businesses compared to foreign competitors; and so on.
However, According to the Philippine Statistical Authority, the country's headline inflation rate
decreased to 8.6 percent in February 2023 from 8.7 percent in January 2023, as price rises in
some food goods and energy reduced. This news makes the people are not satisfied that much
because anytime the rate might increase.
To sum up, Inflation can have serious consequences if the government do not make action as fast
as possible. So the governments must take necessary steps to address the problem before it
escalates.