PSA Releases Inflation Rate in PH for November 2022
INFLATION RATE IN PH – The Philippine Statistics Authority (PSA) revealed the rate of the increase in the prices of goods and commodities in November 2022.
A huge slice of the monthly budget of Filipino households goes to food during the holiday season. There are left and right events most especially family reunions and Christmas parties. However, undeniably, putting food in the table now is more challenging compared to how it was years ago.
Even before December came, many people could not resist but express their sentiments amid the high costs of products and several services in the Philippines. The inflation rate which shows how quick the increase in the prices of goods and services continue to increase for more than a year now.
Recently, the Philippine Statistics Authority (PSA) revealed the inflation rate in the Philippines in November 2022. Based on a report on ABS-CBN News, the PSA data showed that the rate has hit 8% last month.
The November 2022 inflation rate in the Philippines which was at 8% is the highest since the 9.1 rate in November 2008. The rate is also within the forecast of Bangko Sentral ng Pilipinas (BSP) which was between 7.4% to 8.2%.
Currently, the average inflation for 2022 in the Philippines is at 5.6%. Based on the report, Officer-in-Charge and Deputy National Statistician Divina Gracia Del Prado expressed that the main contributors to the high rate include vegetables which has increased from 9.4% to 10%.
According to Del Prado, the typhoon that hit the country at the end of October had a “spillover effect” on vegetables which is probably the reason behind the high prices of veggies after it. Red onions are among those that are considered very expensive in the country now. The costs of eggplant, bittergourd, and tomatoes also rose.
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