“The poor are the ones that always get affected the most.

” Those are the words

I will never forget from my grandmother. Because, it’s true, right? What do you
think?
A pleasant morning, ladies and gentlemen! I am __________ the speaker for
today. Please, lend me your ears for the next few minutes as I discuss inflation
and how it affects people.
INFLATION
Many countries around the world are experiencing skyrocketing food
inflation, and the Philippines is no exception. Recently, the soaring prices of onion
brought us to tears. This price hike is just the tip of the iceberg in terms of
inflation and its effects on Filipinos. This issue is particularly troublesome for the
poorest members of the society, who are in dire need of affordable food supplies.
According to the Philippine Statistics Authority (PSA), our nation’s inflation rate
grew further, rising to 8.1% in December 2022 from 8% in November. The rate
had not been higher since November 2008. Furthermore, the annual average rate
of inflation for the year 2022 was 5.8%, much greater than the targeted range of
2% to 4%.
Inflation makes life more difficult for people in our country. Its impact can be
damaging, particularly for minimum wage earners and for those who are already
having a hard time making ends meet. This is very concerning, especially since
food comprises a large percentage of the average Filipino family’s total spending.
Given the ever-changing nature of the pandemic and global political situation, the
inflation rate could continue to rise, putting further strain on an already fragile
economy.
In conclusion, food inflation is a serious issue for the Philippines. If this
problem is not resolved immediately, it could lead to even higher rates of poverty
in the country. The government must be proactive and take strong action in terms
of developing and implementing policies that can combat the underlying issues
behind food inflation. Hopefully, with better planning and policy-making
decisions, Filipinos can hope for a more stable economic environment in the
future.