Inflation rate rises to an average of 6.3%

PRICES ON THE RISE. The rising prices for basic commodities are placing a strain on the poor majority of Filipinos. ©Valenzuela

In August, the annual inflation rate in the Philippines rose to an average of 6.3%, causing constant increase in product prices and costs in the country.

On Sept. 28, the value of the Philippine peso sunk to P58 per $1 whereas Albay Representative Joey Salceda stated this value could drop further to ₱65-68.

Inflation affected the country’s forex, causing the currency to get weaker.

As the inflation rate continues to increase, the demand for products and goods will continue to rise.

Inflation increased oil and material prices, causing gas and public transportation to increase and businesses to find cheaper alternatives for materials.

The Bangko Sentral ng Pilipinas continues to monitor the rate of prices and the overall monetary of the country.