Economic think tank IBON Foundation Inc. on Tuesday said substantial aid to poor Filipino families will ease the burden of rising prices in the country.
In a statement, IBON said inflation has been worse for the poorest 30% Filipinos and is already at 4.9% this year to date.
While inflation slightly slowed to 4.8% in September, IBON said the figure, as well as the August inflation at 4.9%, are the highest in more than two years.
"Prices started rising quickly at the end of 2019 and then by even faster since the end of 2020," it said.
"The biggest price increases this year were in food and alcoholic beverages with inflation at 5.6 percent," it added.
According to IBON, food prices have soared since the beginning of the COVID-19 pandemic to October 2021, specifically meat and vegetables.
IBON estimated that the poorest 30% of families have lost around P13,000 to P18,000 in incomes from March 2020 to date.
"Substantial ayuda for them is long overdue," it said.
Earlier, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said the latest inflation figures in August were consistent with the central bank’s assessment that “inflation could settle close to the high end of the target range in the near term before decelerating back to within the target range by year end.”
“In 2022 to 2023, inflation will likely fall towards the midpoint of the target, supported by the continued and timely implementation of non-monetary measures and reforms to address directly supply-side pressures on key food items,” Diokno said.—LDF, GMA News