Update on Inflation Rate in PH amid High Oil Costs
INFLATION RATE – The Philippine Statistics Authority (PSA) released the rate of the increase in goods and services in the Philippines in April.
Countless Filipinos are facing huge financial struggles now because of the increasing prices of goods and services in the Philippines. Truth be told that the sudden spike in the costs of oil has affected the costs of many other products and services in the country.
The increase in the pump prices was triggered by the war among the United States, Israel, and Iran. Several oil reserves were blown and Tehran decided to close the Strait of Hormuz from the vessels linked to its enemies.
Previously, Pres. Bongbong Marcos expressed his hope to end hunger by 2028. According to the Chief Executive, the Philippine government cannot control the prices of fuel in the global market but there are ways that can be done to reduce the food costs.
“Wala tayong magagawa doon sa presyo ng langis. Ngunit sa presyo ng pagkain, ‘yun mayroon tayong magagawa,” the President expressed.
The Philippine government released fuel subsidies to the public utility drivers amid the high costs of fuel in the country. Some programs that extended food and financial assistance to the Filipinos were also conducted.
Every month, records about the inflation rate in the country or the rate of the increase in the prices and goods and services in the country are publicized. Recently, the Philippine Statistics Authority or PSA released the rate for April
Based on a report of News5, the inflation rate has speedily climbed from 4.1% in March to 7.2% in April. The records of the PSA shows that the latest rate in the increase of the prices of goods and services in the country is the highest since March 2023.
In March 2023, the Philippines recorded an inflation rate of 7.6% as per the report. According to PSA, among those that greatly pushed the rate to spike are the prices of the following:
- food
- non-alcoholic beverages
- transport
- water
- housing
- gas
- electricity
- fuels
In April, the performance rating of Pres. Ferdinand Marcos Jr. increased as per the OCTA Research survey amid the country’s bout against the high oil costs. Malacañang remains firm that survey results do not affect the President.