Inflation Rate of Commodities’ Prices Increases
INFLATION RATE – The inflation rate of the prices of the basic goods and services in the Philippines went higher in May compared to April.
Lots of Filipinos undeniably noted the increase in the prices of the basic goods and services in the Philippines. The inflation rate or the movement of the prices of the commodities and services continues to go fast.
Based on a report, a 4.5% inflation rate was recorded in April and it was .2% higher compared to what was recorded in March. Citing the information from the PSA, the things which have prices hike include the clothing and footwear, electricity, gas, household equipment, water, and health.
The rising of the inflation rate of the prices of goods and services in the Philippines did not end in April. It went higher in May and it landed within the predicted rates of the economists of the Bangko Sentral ng Pilipinas (BSP).
Based on a recent report in Rappler, the BSP economists forecasted the inflation rate in May to land between 4.6% to 5.4%. The rate this month is 4.6% which is .1% higher compared to the rate in April.
Citing the statement of the PSA, the rate was reportedly driven by fish and seafood, bread and cereals, and fuel and lubricants. According to the BSP, the rate will be at 4.6% on average this 2018 and the movement will only take a slower pace in 2019.
According to Budget Secretary Benjamin Diokno, the prices of goods and oil now are more stable compared its prices before.
Based on the report, amid the increasing inflation in the prices of basic goods and services in the Philippines, some senators desire to suspend the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) Law.
Lots of Filipino consumers really felt the implementation of the said law as prices went high and others’ budget falls short.