Inflation

The government is committed to ensuring food security and affordability, and reducing transport and logistics costs to arrest the rise of inflation and.

These can be achieved through the Plant, Plant, Plant Program 2, the government’s P24-billion flagship program on food security, which provides subsidy and support to the agriculture sector,” Balisacan said. It is our urgent priority to ease price pressures and protect the public’s purchasing power through the implementation of programs that will help Filipinos cope with the effects of higher inflation rate,” Socioeconomic Planning Secretary Arsenio Balisacan said. This was mainly due to the nationwide provisional increase in public utility jeepney (PUJ) fares. Along with this, the government will also accelerate the fuel cash subsidies for tricycle drivers together with the ongoing Libreng Sakay Programs of the Department of Transportation and the Office of the Vice President, as well as the approved Metro Rail Transit Line 3, Light Rail Transit Line 2, and PNR “Libreng Sakay” for students of the Office of the President. “To boost local food production, the government will continue to support the agriculture sector through lower input costs, development of new farming technologies, extension of financial assistance to farmers, and strengthening the agricultural value chain. The government is committed to ensuring food security and affordability, and reducing transport and logistics costs to arrest the rise of inflation and protect the Filipino consumers, the National Economic and Development Authority (NEDA) said.

But while the inflation adjustment, which was written into the 2019 law that will hike the minimum wage to $15 an hour in 2024, will help some very low-income ...

New Jersey’s minimum wage bill passed both legislative chambers with narrow margins in 2019 amid concerns from industry groups that the added costs would push some employers out of business. “Whether it’s rent, groceries, or kids’ clothing, it costs more to live in New Jersey today than it did just a few years ago when the $15 minimum wage bill was signed into law.” “To do anything on top of that, at this point in time, it’s going to be just an additional financial aggravation that could pose some serious problems,” Bracken said. “I am concerned by increasing inflation, which is raising the price of everyday goods, forcing hardworking New Jerseyans to stretch their family budgets,” Coughlin (D-Middlesex) said in a statement. That provision will come into effect for the first time this year and force New Jersey’s $13-per-hour minimum wage to rise by at least $1.13. The minimum wage for farm workers is $11.05, and under existing law, it won’t reach $15 an hour until January 2027. Another 13 cents is unlikely to break the camel’s back, he said, but larger increases could. Please see our republishing guidelines for use of photos and graphics. An employee making minimum wage who works 52 40-hour weeks would make about $270 more for the entire year. Monthly inflation figures for July will be released on Aug. 10. Lawmakers in New York have proposed legislation that would raise the state’s wage floors to between $16.35 and $21.25 by 2026 (New York has three regional minimum wages). The highest of the three applies to New York City, which has a $15 minimum wage. Surging prices will prompt a first-of-its-kind inflation adjustment to New Jersey’s minimum wage in January, pushing the state’s wage floor a few pennies above the $14-an-hour minimum that had been scheduled to go into effect.

BMO, RBC: broad commodity price decline points to easing inflationary pressure.

And with high inflation and rising borrowing costs squeezing consumers’ real buying power, there are already early signs of slowing domestic consumer demand,” RBC said in a research note. BMO said a “big drop in gasoline prices is expected to cut the headline inflation rate back below 9%.” This week, oil prices — a primary driver of soaring inflation — dropped sharply, back to pre-Ukraine invasion levels, BMO said in the report.

The National Economic and Development Authority (Neda) assured that there's sufficient “food on the table” for Filipinos, even if the latest inflation print ...

Out of the total accounts, 65,837 were loaded with fuel discounts amounting to P207.4 million. Furthermore, more than 158,000 eligible farmers and fisherfolk are set to receive P3,000 each as fuel discounts to help cushion the impact of higher fuel prices. On Friday, the Philippine Statistics Authority (PSA) reported the country’s inflation rate for July 2022 rose to 6.4 percent, which is at the upper end of the Bangko Sentral ng Pilipinas’ forecast range of 5.6 to 6.4 percent for the month. This was mainly due to the nationwide provisional increase in public utility jeepney (PUJ) fares. These can be achieved through the Plant, Plant, Plant Program 2, the government’s P24-billion flagship program on food security, which provides subsidy and support to the agriculture sector,” Balisacan said. The inflation rate of Transport, one of the main inflation drivers, increased to 18.1 percent in July 2022.

“The PSE index dropped 77.61 points (down 1.2 percent) to close at 6,405.50 after Philippine inflation data for July clocked in at 6.4 percent, higher than the ...

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The BSP, which has been raising policy rates in a bid to temper inflation, is expected to continue doing so. BSP rates are used by banks and financing companies ...

Not only are credit lines beneficial to businesses but they are becoming more and more of a necessity. What makes the product very beneficial is that businesses do not have to spend a single peso upon availment and instead only spend once they make use of the line. BSP rates are used by banks and financing companies as a benchmark for their own financing, credit card and deposit rates, so consumers can expect to pay more down the road. This is a good sign for businesses as they will still have a favorable financing option. As infection levels declined and lockdowns eased, the Philippines is looking to bounce back from the previous two down years of the pandemic. From higher oil prices to rising interest rates, the effects of inflation are being greatly felt.

Headline inflation quickened to its fastest pace in nearly four years in July, mainly due to soaring prices of food and higher transport costs.

On the other hand, the index of housing, water, electricity, gas, and other fuels slowed to 5.7% in July from 6.6% the previous month. Alcoholic beverages and tobacco also increased 8.5% from 7.8%. Transport, which accounts for nearly a tenth of the total consumer basket, likewise rose to 18.1% year on year in July from 17.1% in the prior month. A hike in jeepney fares took effect in July, which pushed the price of other passenger transport by road up 7.1% from 2.7% in June. This was partially offset by lower prices of gasoline (45.4% from 53.9%) and diesel (91.3% from 92.5%). In July, oil companies cut pump prices for gasoline by P11.1 per liter, and diesel by P12.95 per liter. Headline inflation quickened to its fastest pace in nearly four years in July, mainly due to soaring prices of food and higher transport costs.Preliminary data from the Philippine Statistics Authority (PSA) showed the consumer price index (CPI) at the national level climbed 6.4% year on year in July, from 6.1% in June and 3.7% a year ago. Accounting for almost 40% of the theoretical Filipino consumer basket, prices of food and beverages accelerated 6.9% year on year in July from 6% in June. The food-alone index surged 7.1% annually last month from 6.4% in June. Prices of meat rose 9.9% in July from 8.1% in June, while fish and other seafood jumped 9.2% from 6.7% the previous month. UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion attributed the higher inflation rate in July due to the supply chain disruptions caused by the Ukraine-Russia war and ongoing pandemic. In a Viber message, Bank of the Philippine Islands (BPI) Lead Economist Emilio S. Neri, Jr. said the hike in jeepney fares and daily wages, coupled with the sharp depreciation of the peso, were likely the key drivers of higher July inflation. The minimum fare in traditional jeepneys was raised to P11 from P9 and P10 starting last month. Inflation as experienced by the poor households, under 2012 prices, rose 5.9% in July, faster than the 5% in June and 4.4% last year. Month on month, inflation picked up 0.8%. Stripping out seasonality factors, month-on-month inflation inched up by 0.6% in July. In the seven months to July, inflation averaged 4.7%, lower than the 4% seen in the same period a year ago. At a press briefing on Friday, National Statistician Claire Dennis S. Mapa said that the July inflation was fueled by soaring prices of food and non-alcoholic beverages, transport, and restaurant services. The July inflation print was the fastest growth in 45 months, or since the 6.9% logged in October 2018.

Philippine shares declined after the government on Friday announced that July inflation accelerated further to 6.4 percent.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. It was followed by Semirara Mining and Power Corp., up 0.24 percent to P41; Ayala Corp., up 0.65 percent to P697; BDO Unibank Inc., down 1.52 percent to P116.90; SM Investments Corp., down 1.52 percent to P780 per share. Converge ICT Solutions Inc. rose 0.3 percent to P20; Acen Corp., up 1.72 percent to P8.86; Monde Nissin Corp., up 1.94 percent to P15.80; International Container Terminal Services Inc., down 1.76 percent to P184.60; Ayala Land Inc., down 0.38 percent to P25.90 per share. Security Bank Corp. was the top traded stock on Friday as it dropped 0.12 percent to P82 per share. The benchmark Philippine Stock Exchange index (PSEi) sank 1.2 percent, or 77.61 points, to 6,405.50 while the broader All Shares index shed 0.86 percent, or 29.70 points, to 3,432.06. Philippine shares declined after the government on Friday announced that July inflation accelerated further to 6.4 percent.

Most restaurants surveyed by Seated (76%) have increased menu prices to offset inflation. Others have offered more discounts and promotions (35%), reduced ...

To weather the storm, small restaurant operators are deploying tactics like increasing menu prices, trimming staff and simplifying their menus, per the Seated survey. McDonald’s CEO Chris Kempczinski said during his company’s Q2 earnings call there are now nearly 22 million U.S. loyalty members since the program launched last year and it has “consistently driven more frequent visits and incremental sales.” Independent operators have faced more than two years of sales hits from COVID-19 and inflation. This is another strategy employed by major chains, and it seems to be providing a boost. - Most restaurants surveyed by Seated (76%) have increased menu prices to offset inflation. - This confluence of challenges has dampened operator outlook.

President Ferdinand Marcos Jr. should no longer deny the high inflation rates in the country and instead work to bring down prices of goods and commodities, ...

“We reiterate our call to suspend taxes on oil products so that fuel prices will go down and the entire economy will benefit. Last June 21, Bayan said that collecting VAT despite rising fuel products is ‘oppressive’ as no substantial social aid is being given. We oppose any new round of power rate hikes which will also burden the poor. We oppose any further taxes on the people, especially tax on digital services. “The people demand economic relief. He also noted that the Marcos administration should refrain from imposing more taxes on the people — which would further aggravate the situation.

Managing Director Luis Limlingan and Rizal Commercial Banking Corp. chief economist Michael Ricafort said this comes after July's consumer price index quickened ...

"Global oil prices dropped to their lowest levels since before Russia's February invasion of Ukraine. Traders panicked over the possibility of an economic recession later this year, which could plunge energy demand. Economists expect 258,000 jobs were added in July, down from 372,000 in June, according to Dow Jones. Unemployment is also expected to hold steady at 3.6 percent," Limlingan said in a text message. Ricafort, however, noted that there are still offsetting positive factors despite the higher-than-projected inflation rate. "In the US, the market is waiting for tonight's jobs report for further clues about the Federal Reserve's path of rate hikes and the state of the economy. By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service The sharp decline of global crude oil prices, global commodity prices and US Treasury yields easing to 2.68 percent could help stabilize the peso exchange rate going forward and ease long-term financing costs of some listed companies.

Central bank has primary function to maintain price stability and support government economic policy.

Central banks are trying to strike a balance between curbing inflation and enabling economic growth.

When it comes to the direct impact of these moves, increases in interest rates will create higher mortgage repayments, especially for new borrowers as well as those on tracker mortgages or variable rates. They hope that current efforts to normalise monetary policy following the use of the post financial crisis tools discussed above and the absence of new disruptions will help global supply bottlenecks ease and energy costs stabilise. Central banks do this by trying to bring inflation into line with their “price stability” targets, which for the ECB and the Bank of England means 2% inflation, for example. The Bank of Japan has adopted similar measures since the early 2000s, following its own house and stock price crashes. The ECB made its biggest rate change in more than a decade on July 21 when it raised rates by half a percentage point, defying market expectations of a quarter-point rise. It’s a broadly similar picture in the UK and it’s safe to say that inflation today is being imported from outside both economies.

This was the reaction given by Press Secretary Trixie Cruz-Angeles when asked about the Philippine Statistics Authority (PSA) report saying inflation last July ...

Meanwhile, she noted that the Department of Finance (DOF) will also release its statement about the inflation rate. “So all of these had been factored and in fact, was even mentioned in the State-of-the-Nation (Address) of the President.” The Malacañang on Friday, Aug.5, said it expected the spike in the country’s inflation rate in July.

Davao Region posts the highest inflation rate in July at 8.6%, while Metro Manila's print eases to 5.1%

National Statistician Dennis Mapa attributed the slowdown in Metro Manila to lower electricity rates. Food prices increased at a faster rate. Food prices rose at a faster pace in areas outside Metro Manila, with food inflation rising to 7%, while Metro Manila posted a slower rate of 5.1%. The Manila Electric Company announced lower rates during the month. Inflation on diesel, gasoline, and liquefied petroleum gas is still higher in Metro Manila compared to the regions. Inflation in Metro Manila slowed down to 5.1% in July from 5.6% in June. Areas outside the capital posted an inflation rate of 6.8%, up from 6.3% the previous month.

In June, wholesale food prices were up 13% year over year, while menu prices increased 8%.

President Matt Browning says his product mix is changing as "people trade down" for lower-cost goods. Zoom in: Tight times typically force restaurants to reduce quality, such as moving from top-grade produce to the second tier. What they're saying: "We get it! - "At this velocity, if you don't really look at your costs and react to them, you can lose money at a rate you never dreamed possible," he says. - In June, restaurant distributor sales were down 4.1% — which Browning calls "a pretty big reduction for the industry." - For restaurant industry players, the cumulative effect is represented in lower profit margins and "closed for business" signs.

The rate stayed within the Bangko Sentral ng Pilipinas' forecast of 5.6 to 6.4 percent but is higher than the 6.1 percent in June this year and the 3.7 percent ...

Today's editorial believes utilizing and not posturing is the key to avoid wasting vaccines. Topping business, following the headline inflation rate last month, reaching a fresh three-year high of 6.4 percent, Governor Felipe Medalla hinted on Friday that the Bangko Sentral ng Pilipinas (BSP) might increase interest rates aggressively once more. In a briefing, Press Secretary Rose Beatrix "Trixie" Cruz-Angeles said since the opinion of the Office of the Executive Secretary (OES) has already been sought, the matter has been referred to the Deputy Executive Secretary for Legal for review. Dimalanta replaced Agnes Devanadera, who was appointed by then-president Rodrigo Duterte to the post on Nov. 22, 2017. Press Secretary Rose Beatrix "Trixie" Cruz-Angeles said on Friday there was no "published agenda" yet for the meeting, but the US embassy in Manila said Blinken's meeting with Marcos will cover "bilateral efforts" to strengthen the two nations' alliance. Cruz-Angeles told reporters that the simmering tension between the US and China was not taken up during Friday's Cabinet meeting led by Marcos. She said the government was being "careful" when it comes to commenting on international issues. Cruz-Angeles insisted that the Palace will still implement MC 1 and 3. Marcos said the government should pre-position satellite phones, generators, water and other emergency resources, once a disaster alert is raised. In an interview with The Manila Times, Sugar Regulatory Administration (SRA) Administrator Hermenegildo Serafica said setting a Suggested Retail Price or SRP for sugar was the consensus reached when he met with Agriculture Undersecretary Kristine Evangelista on Thursday night. THE government will set a benchmark price for sugar after refined sugar retailed at P100 per kilo. The rate stayed within the Bangko Sentral ng Pilipinas' forecast of 5.6 to 6.4 percent but is higher than the 6.1 percent in June this year and the 3.7 percent in July last year. Mapa said the surge was driven by rising food and transport prices.

"I understand that these were projected even before, given the inputs due to the international events that have led to the increase in the prices of ...

The risk to the inflation outlook is tilted on the upside for 2022 and 2023 but is broadly balanced for 2024,” it said.—AOL, GMA News The Philippine Statistics Authority said July’s inflation print is faster than the 6.1% rate recorded in June and the 3.7% posted in July 2021. All of these have been factored," Cruz-Angeles said.