MANILA, Philippines – Feeling the inflation pinch? You’re not alone.
Inflation is bad not just here in the Philippines, but globally as well, mainly due to rising energy prices brought about by Russia’s invasion of Ukraine.
As of May, diesel prices in the Philippines were up by 86.2% compared to a year ago, while gasoline prices rose 47.2%.
Gasoline prices in some areas reached over P90 per liter, while diesel prices soared to as high as P87. Experts believe prices have yet to peak.
Transport costs seeped through food production costs, with food inflation rising to 4.9%. Inflation for vegetables in particular went up to double digits, at 15.2%. Meat and fish rose to 6.2%.
With costs of essentials rising, which items have remained somewhat affordable?
Interestingly, prices of beer, wine, and spirits have stayed relatively stable in 2022.
From peaking in 2020, when Filipinos were all holed up in their homes, beer is just up 5.3%, while wine grew a steady 3.3%.
However, beer prices are feared to go up. Heineken, for instance, cast doubt on its midterm profit margin target due to inflation.
For those who prefer coffee, prices remain stable. But your favorite pastry or dessert may already cost more.
It's best to pair coffee with fruits and nuts, as prices have deflated by 2.4% as of May.
If you don't mind shelling out more for gas, a brand-new car might be for you. Car prices continued to contract in May, but are starting to move into positive territory.
Meanwhile, bicycle prices have tempered since the peak of 16.3% in May 2021.
Personal care services have not joined in on the inflation trend, remaining steady since the onslaught of the pandemic.
Now is also the best time to shop for clothes and shoes, as prices have remained stable.
But as the economy opened up, prices of jewelry and watches started to rise, although at a slower pace compared to other goods.
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