Inflation remains the top concern for many Filipinos, despite easing to 3.9% in December 2023. This ongoing anxiety stems largely from rising rice prices, the country’s staple food, according to a report by GlobalSource Partners.
Former central bank official Diwa Guinigundo, now an analyst at GlobalSource, points to a recent Pulse Asia survey showing 72% of Filipinos consider controlling inflation an urgent national concern.
While inflation dipped within the central bank’s target range, annual inflation for 2023 averaged 6%, exceeding the goal. Food inflation remains high, particularly rice, which saw a record increase of 19.6% in December.
Guinigundo explains that Filipinos’ focus on essential items like rice, fuel, and basic necessities contributes to their heightened concern about price fluctuations. Additionally, absolute price levels remain prohibitive for many, especially low-income households.
The survey also identified other pressing concerns, including increasing wages (40%), creating more jobs (28%), and reducing poverty (25%). Guinigundo emphasizes the need to address these “gut issues” for the Filipino population.
With El Niño expected to persist until Q2 2024, further inflationary pressures remain a possibility. Addressing food security and alleviating economic burdens for Filipinos will be crucial for the government to navigate these challenges.
Source: PhilNews24 | January 15, 2023
