NEDA’s advice to consumers vs inflation: ‘Don’t buy too much

NEDA's advice to consumers vs inflation: 'Don't buy too much

MANILA, Philippines- The National Economic and Development Authority (NEDA) advised consumers to control the purchase of any product in order to prevent the increase in the price of basic goods.

It is expected that the inflation rate will remain high throughout the year, especially since the holiday season is approaching.

“Inflation in September accelerated to 6.9% from 6.3% in August due to higher food and utilities cost, bringing the year-to-date average at 5.1% —within the Marcos administration’s assumption of 4.5% to 5.5% for the entire 2022,” ayon sa ulat.

Both the Philippine Statistics Authority and the Department of Finance said that consumer prices are expected to remain high in the last quarter of 2022 due to high transportation and food costs, and also due to the pressure brought by the weakening of the peso and damage to the crop sector due to to typhoon Karding.

According to Undersecretary Rosemarie Edillon, controlling the increase in inflation is also in the hands of consumers.

“Because inflation means that the demand is high and then there are few products that can be bought,” according to Edillon.

He said, there are two ways to meet high inflation and this he said is “lower demand and increase production.”

On the demand side, Edillon’s advice to consumers is “let’s just reduce the excess purchases.”

“Our price increase is an external factor… outside our control,” he said, referring to the ongoing conflict between Russia and Ukraine and the rising interest rates in the United States.

“What we have control over is the demand. Let’s reduce it,” said Edillion.

It also advised consumers to keep Christmas and holiday celebrations simple.

However, he admitted that his advice is not applicable to all Filipino families.

“It’s not for everyone… We know that there are families who prepare too much food,” he said.

Meanwhile, on the supply side, Edillon said the government has a program to boost production. Chris Joseph

The post NEDA’s advice to consumers vs inflation: ‘Don’t buy too much appeared first on REMATE ONLINE.

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