Inflation Rises in Western Visayas and Philippines in May 2024

Inflation Rises in Western Visayas and Philippines in May 2024

ILOILO CITY – The inflation rate in Western Visayas rose to 4.3% in May 2024 from 4.1% in the previous month of April. Furthermore, the purchasing power, or the real value of the peso, dropped to 78 centavos.

Meanwhile, nationwide inflation also edged higher to 3.9% in May, marking a slight increase from 3.8% recorded in April 2024. This marks the fourth consecutive monthly increase since the year began, with January’s rate standing at 2.8%.

The three commodity groups primarily contributing to these inflation rates are food and non-alcoholic beverages, restaurants and accommodation services, and transport.

President Ferdinand Marcos Jr. mentioned that inflation has been contained at a reasonable level compared to previous years. Marcos added that inflation is caused by uncontrollable forces.

However, according to the IBON Foundation, government efforts to curb inflation have been ineffective, especially since it focuses primarily on import liberalization. The group further noted that the poorest 30% of households are experiencing higher inflation due to rising prices like rice.

Regarding import liberalization, the Rice Liberalization Law (RLL) is highlighted. IBON’s data shows that rice import dependency was at 23% in 2022, higher than the 13.8% in 2018 before RLL was enacted. Retail prices of rice also increased to Php46 per kilo in May 2024 from Php43 per kilo in 2018.

The group emphasized the suffering of millions of Filipinos who continue to rely on government imports despite its failure to control inflation./PT


Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *