To familiarize everyone with key socioeconomic terms and concepts, we are launching this new social media series.
For this week, our buzzword is “inflation”.
It refers to the rate of increase in prices at a given period. It is a broad measure, which can mean the overall increase in prices or the increase in the cost of living. When inflation increases at a fast rate, necessities like food and transportation become difficult to afford. The purchasing power of consumers is reduced.
(Source: International Monetary Fund)
A PIDS study forecasts that inflation will lower in 2023. From a projection of 5.7-percent average inflation rate for 2022, it is estimated to lie between 3.5 and 4.5 percent in 2023. Micro and macroeconomic conditions have to be closely monitored to make appropriate policy responses in controlling inflation without harming economic growth.
Know more about predictions on inflation and the Philippine economy by reading “Macroeconomic Prospects of the Philippines in 2022–2023: Steering through Global Headwinds” available at https://pids.gov.ph/publication/discussion-papers/macroeconomic-prospects-of-the-philippines-in-2022-2023-steering-through-global-headwinds
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