I don't need Bloomberg to tell me Philippine inflation is way too high. I feel it every time I go to the groceries or even just trying to pay for fare for the jeepney, which is now P7 instead of P6 just when the year started.
It might even go higher given the gas prices which is now way past P60 per liter. The increase is like from day to day.
Even prices of food is way too expensive. Try to get a Kiddie meal and Jollibee and they're all close to P100 if not beyond it.
Consumer prices rose 11.4 percent in June from a year earlier, the National Statistics Office said in Manila today. Rising food and fuel prices, higher wages and a weaker peso are stoking inflation in the Philippines and prompted central bank Governor Amando Tetangco to raise interest rates last month.
Food, beverage and tobacco costs jumped 16.5 percent last month after gaining a revised 13.6 percent in May. Food accounts for half of the consumer price index.
Fuel, electricity and water inflation eased to 7.6 percent from 8.2 percent. ``Domestic pump-price increases triggered large price buildups across wide commodities and services groups,'' Tetangco said.
The peso has dropped 10.2 percent against the dollar this year, based on Bankers Association of the Philippines data, fanning inflation by making imports more expensive.
The Philippines will end up borrowing another $900 million in order to catch up with inflation. Half of which (less if we're lucky) will end up in the hands of corrupt government politicians.
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