The rate of decrease in the purchasing power of money is approximately equal.
These past few weeks and up to this very day, inflation has become one of our country’s several global issues.
Even long before, it is already an issue but was not yet that very alarming. The rate surged to 6.4% as of August 2018 and Philippines will no longer be able to deny this.
We can see in the different social media sites the opinions, reactions and series of the know-how articles all about this year’s Philippines’ inflation rate yet there are still some who are being ignorant towards the issue.
So, to open the eyes, minds and hearts of my fellow youth, I hope that this would be of help for them to partake solutions albeit in very simple ways.
According to Statista, in economics, the inflation rate is a measurement of inflation, the rate of increase of a price index (in this case: consumer price index). It is the percentage rate of change in prices level over time.
The rate of decrease in the purchasing power of money is approximately equal. The rate is almost on its ultimatum, to the point that the meme we are seeing that “500 is the new bente” gaming is absolutely going strong and the possibility of necessities or other things to be bought by a consumer with a 500-peso bill is getting weak.
It’s very sad because lately, we stand to depend on money because almost everything should be accompanied by money in return. Stuffs, foods, and such become even pricey—proving that inflation in the country is already visible and being felt also.
Families with numbers of member more than three are the ones who are more prone to be deprived. We all know that budgeting is really a tough task and the mere fact that we are all consumers and inflation rate isn’t now a surprise, then, everyone is already deprived.
Moreover, mostly of Filipino families, the Fathers are the only ones who take the responsibility in providing their families’ needs. It’s nice if both of your parents are working. But, I guess, inflation rate has its good sides also albeit the bad effects it has are way heavier than the other way around. Nonetheless, the issue helps us to be thrifty and get to learn the budgeting styles and techniques. Especially, as a college student having numbers of requirement plus the meals I have to eat, I am challenged to budget my money in order to comply what I need to comply without depriving myself from thirst and hunger.
Also, inflation rate gives us the value of buying first the needed ones over wants. We are all able to discipline ourselves because money isn’t just something our parents could easily have. They are struggling and wiping tears and sweat just to have salaries to provide for our needs. The government should do something for this.
We aren’t getting any younger now, population is getting bigger annually and varied issues are coming the way.
We shouldn’t be deprived of something we are entitled to have. Inflation rate should be favored for the common good and not to hinder because we, consumers should not adjust rather enjoy what we could all buy with each peso we are having—our parents are giving us.