essay about rice inflation in the philippines

Rising rice prices in Philippines fuel food inflation concerns

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Philippine rice inflation hits highest level since 2009

Overall price growth down but global conditions cause food costs to climb

MANILA -- Rice prices in the Philippines continued to rise in January despite slowing overall inflation, with El Nino and India's export ban promising to exacerbate the trend in the coming months.

Rice inflation hit 22.6% last month, its highest mark since March 2009, according to the country's statistics agency. Meanwhile, January inflation declined to 2.8%, slower than the 3.9% for December and 8.7% a year earlier, the agency said on Tuesday.

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Essay on Inflation In Philippines

Students are often asked to write an essay on Inflation In Philippines in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Inflation In Philippines

What is inflation.

Inflation means the prices of things we buy are going up. In the Philippines, when prices rise, it becomes harder for people to afford food, clothes, and other items. This can happen when there’s too much money to spend but not enough goods, or when the cost to make products goes higher.

Inflation in the Philippines

The Philippines often experiences inflation. This can be due to natural disasters affecting crops, changes in global oil prices, or government actions. When inflation occurs, Filipino families might struggle to buy what they need, which can be tough for everyone.

Effects on Daily Life

Because of inflation, families in the Philippines might have to change how they spend money. They may buy less food or cheaper items to save money. Sometimes, even going to school or getting healthcare can become more expensive, making life challenging for many people.

250 Words Essay on Inflation In Philippines

Understanding inflation in the philippines.

Inflation means the increase in prices of things we buy, like food, clothes, and toys. In the Philippines, just like in other countries, prices can go up over time. This can make life hard for families, especially if they don’t have a lot of money.

Causes of Inflation

In the Philippines, inflation can happen for many reasons. Sometimes, if there’s a problem with growing food or if there’s a big storm, there might not be enough of it, and this can make prices go up. Also, if the money in the Philippines becomes less valuable compared to other countries’ money, things that come from other countries can become more expensive.

Effects of Inflation

When prices go up, it’s tough for people. They might not be able to buy as much with their money, and this can be stressful. Parents might have to work more to earn more money, and sometimes, kids might not get new toys or clothes as often.

What the Government Does

The government in the Philippines tries to control inflation. They can change how much money is in the economy or make rules about prices to help keep them from going up too fast. They do this because they want to make sure that people can afford what they need.

Inflation in the Philippines is a challenge that affects everyone. It’s important to understand why it happens and how it changes the way people live. While it can be tough when prices go up, the government works to manage inflation for the good of the country.

500 Words Essay on Inflation In Philippines

Inflation is when the prices of things we buy go up. Imagine you could buy a toy car for one peso last year, but this year the same car costs two pesos. That’s inflation: the money you have buys less than before. This can happen with toys, food, clothes, and almost everything. In the Philippines, like in many countries, inflation affects how people live because they need more money to buy the same things.

Causes of Inflation in the Philippines

In the Philippines, inflation happens for a few reasons. Sometimes, when there are not enough goods like rice or vegetables, prices go up because many people want these items but there aren’t enough for everyone. This is called “demand-pull inflation.” Another reason is “cost-push inflation,” which is when the cost to make products goes up. For example, if the price of gas increases, it costs more to deliver goods to stores, so the prices of these goods go up.

Also, when the money value in the Philippines goes down compared to other countries’ money, things we buy from other countries become more expensive. This is known as “imported inflation.”

Effects of Inflation on People

Inflation can make life hard for families. Parents have to spend more money on the same things, so they might have less money left for saving or for fun activities. Kids might notice that their allowance doesn’t buy as much candy or toys as it used to. If inflation is high, people might worry about prices going up even more and rush to buy things, which can make inflation worse.

How the Government Handles Inflation

The government of the Philippines tries to control inflation to make sure prices don’t rise too fast. The Central Bank of the Philippines can change interest rates, which is like changing the cost of borrowing money. If it’s more expensive to borrow money, people and businesses might spend less, and this can help slow down inflation.

The government can also use policies to help make sure there is enough supply of goods. For example, they can encourage farmers to grow more rice or make it easier for stores to get products from other countries when there’s not enough supply in the Philippines.

What Can People Do?

People can also do things to handle inflation. Families can plan their spending and look for better prices before buying something. It’s important to learn about money and how to use it wisely, especially when prices are going up.

Inflation in the Philippines is when prices rise and money buys less. It can be caused by not enough goods, higher costs to make products, or the country’s money value changing. Inflation affects how people live, but the government and people can take steps to manage it. By understanding what inflation is and how it works, even school students can be better prepared to deal with it in their daily lives.

That’s it! I hope the essay helped you.

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Rice, fuel price spikes push up inflation to 5.3% in August 2023

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This is AI generated summarization, which may have errors. For context, always refer to the full article.

Rice dealers display rice and their prices at the Trabajo Market in Sampaloc, Manila on August 10, 2023.

MANILA, Philippines – Headline inflation jumped to 5.3% in August as rice and fuel prices rose during the period, the Philippine Statistics Authority (PSA) reported on Tuesday, September 5.

The latest figure is higher than the 4.7% recorded last July , ending the six straight months of deceleration.

Year-to-date, inflation is at 6.6%.

The Bangko Sentral ng Pilipinas (BSP) is aiming for the inflation rate to settle between 2% to 4%. It earlier projected that inflation would settle between 4.8% to 5.6% in August.

Rice inflation increased to 8.7% in August from 4.2% in July, as the reduction in rice production due to El Niño and the export ban recently imposed by major rice exporters like India and Myanmar led to higher international rice prices.

Vegetable inflation rose to 31.9% from 21.8% due to production losses from enhanced monsoon rains and Super Typhoon Egay.

In August, oil companies raised diesel prices by almost P10 and gasoline by almost P6.

Meanwhile, the LRT raised fares during the month. For both the LRT1 and LRT2, single journey ticket minimum fares were raised to P15 while maximum fares have gone up as high as P35.

The PSA released the latest inflation figures on the first day of the implementation of President Ferdinand Marcos Jr.’s order setting a price cap on rice. Economists, however, warned that a price cap would lead to supply constraints, hurting both consumers and farmers.

Careful calibration

Finance Secretary Benjamin Diokno said that price controls are effective in the near-term “when carefully calibrated and closely implemented.”

“However, the government recognizes its adverse impact on rice retailers and farmers. It is crucial that the government ensures sufficient rice supply at reduced prices, avoids non-competitive behavior in the rice industry, and pursues targeted programs to protect vulnerable sectors,” Diokno said. 

Meanwhile, Ibon Foundation executive director Sonny Africa slammed Marcos’ price cap, calling it “a mere show of action to try and stem growing discontent” with rising inflation.

“A competent agriculture secretary is needed to stop food inflation from worsening. The replacement also shouldn’t be blinded by free market dogma and should understand the importance of really protecting and supporting Filipino farmers,” Africa said.

In an emailed statement, National Economic and Development Authority Secretary Arsenio Balisacan called for a review of existing rice tariff levels to lower the cost for consumers. Deputy Speaker Ralph Recto had made a similar call in the House of Representatives.

 “To partially counterbalance the rise in global prices and alleviate the impact on consumers and households, we may implement a temporary and calibrated reduction in tariffs,” Balisacan said.

NEDA said that alleged hoarding and artificial shortage may have put further upward pressure on domestic retail prices of rice.

Balisacan urged government agencies to accelerate the Food Stamp Program (FSP) rollout. The FSP is one of the priority programs of the Department of Social Welfare and Development, which will provide P3,000 worth of food credits to target beneficiaries each month for six months.  – Rappler.com

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