Food inflation to hit the poor

PSA suggests belt tightening

Measures as inflation climbs

TAGBILARAN CITY, Bohol, July 15 (PIA)—Tighten your belts, economically at that, suggests Philippine Statistics Authority (PSA) amidst headline tracked inflation rate in June climbing a notch higher than last month.

This too as food inflation rate for June 2024 in Bohol peaks at 8.7 percent, although on significantly lower than the 9.1 percent inflation in May 2024.

Contributing largely to the June 2024 food inflation is rice at 24.7 from 22.2 percent in May, vegerables and tubers from 5.8 to 6.7 percent in June and fruits and nuts from 9.5 percent to 10.1 percent in June.

PSA Bohol chief Jessamyne Anne Alcazaren, during the monthly inflation press conference at the PSA Office at the Galeria Luisa, said rice, which is not just an issue in Bohol but of the country as well, is still high with inflation in food and non-alcoholic beverages especially cereals top-billing the rise at two 21.1 percent, meat at 6.1 percent and vegetables at 6.7 percent.

These affects the bottom 30 percent of income households which must meet head-on the 10.3 percent inflation.

It is still three to four months until the next harvest, and the market price is still reflecting the two digits rate, Alcazaren pointed out as inflation in the month of June climbed to 5.2 from 5.1 in May, 2024.

Rice sits first among the top five contributors to the June 2024 inflation, according to the data collected by the PSA.

With 53.4 percent contribution to the June 2024 inflation owning 2.78 percent, rice inflation in May 2024 was pinned at 22.4, which crawled further up at 24.7 in June.

With the price of rice still up and it eating up over half of the family income just to meet the demands of hunger and productivity, families need to make some few adjustments in their market baskets, if only to get past this crisis, Alcazaren hinted.

Another measure the lady statistician suggested was for the families, to get some substitutes, also adding quickly that corn grits is not really far behind rice in its market price.

According to the PSA in Bohol, their monitoring showed that the main sources of acceleration of the June 2024 Inflation is housing water electricity gas and other fuels which ate up some 79.5 percent share to spike inflation, transport which owns 20.5 percent share, food and non-alcoholic beverages at 8.2 inflation rate with 62.2 percent share. (PIABohol)

MAKE THE NECESASARY ADJUSTMENTS. With food inflation impacting much of the bottom 30 percent of households, PSA Bohol Jessamyne Anne Alcazaren suggests families to institute belt tightening measures to keep up with the crisis. (PIABohol)