Philippines' inflation rate hits 11.4% — highest in 14 years!


Here’s one sad, bad news for all of us: the Philippines’ inflation rate in June 2008 jumped to 11.4% — the highest ever recorded in the last 14 years.
The figure was beyond the Bangko Sentral ng Pilipinas (Central Bank of the Philippines)’s forecast range of 10.4% to 11.2%.
It was the fastest pace in 14 years since May 1994 when inflation was recorded at 11.5%.
The increase in inflation is attributed to surging prices of food and fuel, as well as the weakening value of the peso against the dollar.
During the previous quarter, the country’s inflation stood at 9.6%, also one of the highest in recent years.
Inflation refers to the overall change in prices between two periods. An 11.4% inflation rate means that the same commodity being sold a year earlier for P100 now sells for P111.40.
The BSP is trying to arrest the surge of inflation by raising interest rates but with oil expected to breach $150-a-barrel anytime soon and the Philippine Peso depreciating, controlling inflation will not be an easy task.
Try to look for additional money sources because if you rely on your current income alone, with rising inflation, the value and purchasing power of your money will be less than before.
Must read these other related articles!

About the Author

PSEi support seen at 6,200 and 6,000 amid weaker Peso

In a not-so-surprising move, the U.S. Federal Reserve (Fed) yesterday raised interest rates by 75 basis points (bps) or 0.75% in a bid to tame rising inflation in the United States. This was the third consecutive 0.75% rate hike by the Fed, which brings the federal funds rate, the central bank’s benchmark interest rate, to ... Read more

Official SWIFT Code of BDO, BPI, Metrobank, Philippine banks

When sending cash remittances or wire transfer to a bank account in the Philippines (such as BDO, BPI, Metrobank, Landbank, DBP, etc.), you’ll surely need the SWIFT Code of the bank. Look no further because you can find all the SWIFT Codes you need in this list! Make sure you’re using the right bank code ... Read more
blank

How to Waive your Credit Card Annual Fee (BDO, BPI, Metrobank, RCBC, Citibank, UnionBank)

Without a doubt, one of the most annoying fees that credit cardholders have to pay is the annual fee. Majority of cardholders are familiar with this fee and majority of us likely pay this grudgingly year after year after year. In the case of my credit card with BPI (Bank of the Philippine Islands), I’m ... Read more
blank

Why Filipinos do not become business owners or entrepreneurs

For a majority of Filipinos, entrepreneurship does not seem to be a typical, expected path. This is not surprising, considering that in school, students are primarily taught to become employees after graduation. Students train for years to become staff workers, reporting to a supervisor, and just waiting to receive their wages or salaries every month. ... Read more
blank

My experience investing in Mutual Funds in the Philippines

I started investing in mutual funds when I was 22 years old. As an Overseas Filipino Worker (OFW) then, I was fortunate to be able to save some money at that young age because of my work abroad. One time while I was on vacation in the Philippines, I saw a large billboard in EDSA ... Read more
blank

Income Tax Tables in the Philippines (2022)

The Philippines’ new tax reform bill, known as TRAIN or Tax Reform for Acceleration and Inclusion, was signed into law on December 19, 2017 and its implementation began on January 1, 2018. What are the new income tax rates under the TRAIN law? How will TRAIN affect income taxes of individuals and corporations? How is the ... Read more
blank

PSE Stocks Performance under each Philippine President (1987-2021)

Did you know that Philippine stocks were able to achieve an astounding growth of 800% in a span of 30 years? From 1987 until 2018, the Philippine Stock Exchange index (PSEi) rose from 1,000 points to a peak of 9,000 points — generating a return of 800% over 30 years. (The PSEi is an index ... Read more
blank

SSL 2022: Salary Increases for Teachers, Nurses, Gov’t Employees

Good news to all government employees! There’s a new round of salary increases beginning January 1, 2022! Millions of employees of the Philippine government — including public school teachers, nurses and staff of government hospitals, and workers in local and national government agencies, etc. — will be getting an automatic salary adjustment this 2022 under ... Read more
blank

PSE Trading Hours in 2022: What time open, when closed?

Before you take the plunge into stock trading and investing, make sure you understand what stocks are and how the Philippine Stock Exchange (PSE) operates. Unlike other investments that are relatively safe, stock trading is risky and loss of money is a possibility. So before you deep dive into the exciting world of stock trading, ... Read more

Price Floor and Price Ceiling of PSE Stocks

Trading bands in the PSE come in two forms: Price Ceiling, or the upper price limit, and Price Floor, or the lower price limit.

3 thoughts on “Philippines' inflation rate hits 11.4% — highest in 14 years!”

  1. Depressing. Just depressing. My current income is ok, but it’s sad that I can pay for less and less with each hour of work.

    Reply
  2. Hello, I want to subscribe for this website to obtain latest updates, so where
    can i do it please help out.

    Reply

Leave a Comment