Inflation in the Philippines

[Starmix]

In the Philippines, inflation has caused unrest within the working class. As of May 2023, the inflation rate is 6.1 percent, which is lower than in previous months but still a cause for concern. While the cost of living rises, workers are pressuring the government for a wage hike to enjoy a decent meal and comfortable living. Right now, minimum wages in the country range from 341 to 570 pesos per day. If the minimum wage remains the same while inflation continues to rise, workers might take more drastic measures to be heard.

This can be a cause for concern for investors and business owners. However, the Philippine government has promised to attract more direct investments to encourage economic growth and address inflation.

In relation to the 2024 inflation rate in the Philippines for the first quarter of 2024 stands at 3.3 percent, well within the government's targeted range of 2.0 to 4.0 percent for the entire year. The uptick is mainly due to a faster food inflation rate of 5.7 percent in March 2024, up from 4.8 percent in February 2024.

 

[Augusta]

inflation seems to be a global one as everyone is complaining of inflation in their countries. it's even worse in my country

 

[freelancermaria]

Inflation affects nearly every country worldwide. It presents a major challenge, compelling people and businesses to proactively seek ways to increase their income to keep up with increasing prices and maintain their purchasing power.

 

[Starmix]

At least the inflation rate in the Philippines reduced. It's crucial if it continues or to maintain the 6 percent inflation rate thankful we're now on 2 percent.

 

[Augusta]

Inflation affects nearly every country worldwide. It presents a major challenge, compelling people and businesses to proactively seek ways to increase their income to keep up with increasing prices and maintain their purchasing power.

That's right we are all affected by inflation now and it seems a global thing it is not funny at all.