Carmella T.

Delos Santos
BSED 3-A

1 Industrial injustices in the Philippines

 HIGH INFLATION RATE

According to Trading Economics, the annual inflation rate in the Philippines

edged up to 8.1% in December 2022 from 8.0% in November, compared with market
consensus of 8.2% and within the central bank's target range of 7.4% to 8.6% for the
month. It is the Philippines Inflation Rate Highest in 14 years.

According to inquirer.net by Ronnel Domingo, inflation in the Philippines may

have further accelerated in January as the Bangko Sentral ng Pilipinas (BSP) expects the
month’s average to range from 7.5 percent to 8.3 percent, with a chance of surpassing
December’s 8.1 percent that was thought to have been the peak.
The situation has gotten worse as the value of the Philippine peso has fallen
compared to the dollar. Economists claim that the cost of fruits, vegetables, and other
staple foods has increased due to a rise in demand for goods and services following
pandemic slowdowns and recent severe storms. The main causes of inflation in
November 2022 are services and non-food products like electricity, food & beverage
services, and transportation services. Because of this, it adds to one of the main causes of
poverty in our country. Additionally, inflation raises the cost of necessities.
References:
 Domingo, R. W. (2023, February 1). January inflation seen heating up to high of 8.3%. INQUIRER.net. Retrieved February 7, 2023,
from https://business.inquirer.net/384524/january-inflation-seen-heating-up-to-high-of-8-3
 Tradingeconomics.com, Philippine Statistics Authority