IN MY column published in this newspaper on October 15, 2018, I have mentioned that we are now experiencing inflation in our country, defined as the rate at which the general level of prices for goods and services is rising and, consequently, the purchasing power of the pesos is falling.
In fact, every day many people are complaining about the increase in prices -- price of rice, sugar, fish, vegetables, including that of gasoline, diesel, and even kerosene. The increase in the price of gasoline and diesel always result to increase in prices of basic commodities.
In short, inflation affects you and me, and almost everybody else. During inflation, we are not able to buy the same kilos of rice, fish, or vegetables, and the same number of other basic commodities compared in 2017 with the same peso.
First, inflation negatively affects the employees who depend on their fixed salaries and wages. These are private and government employees like office workers, call center agents, industrial and factory workers, clerks, teachers.
This is because their salaries are fixed, while the prices of goods like rice, fish, eggs, meat, chicken, cooking oil, milk, and of services like transportation fare, haircut, pedicure, are increasing.
Second, inflation also negatively affects the retirees who are living on their monthly pensions from the Social Security System (SSS) and GSIS. This is so as their monthly pensions are fixed while the prices of commodities, including their maintenance medicines, keep on increasing. Even if there was an increase in the monthly pensions from the SSS years ago, yet the increase was not enough to cope up with the increases in prices now.
As a consequence of the continued rise in the inflation rate, it is the poor people who suffer the most, since their meager income could not immediately adjust to the increases in prices. It is estimated that 2.4 million Filipinos may have plunged into poverty as the inflation rate in the country continued to rise, recording 6.7 percent in the month of September 2018.
If we cannot stop inflation, are there ways and means to lessen its impact on our day-to-day lives?
Yes, there are doable tips to soften its effect on us, as we go on living day by day.
First, find and buy substitute products.
Substitute products have lower prices. For example, Sinandomeng rice to other cheaper rice varieties. Imported versus locally produced goods. Brand new car to used car. Samsung to Huawei to Cherry Mobile phones; or brand new clothing to ukay-ukay. No wonder, the ukay-ukay stores have become popular these days, with many buyers.
Second, buy generics.
For example, give up your brand loyalty and find equivalent products by switching to grocery store brands, generic prescription products, store-brand over-the-counter medicines and store-brand clothing.
Third, grow your own food.
Start your garden to grow your own vegetables. If you have limited space in your backyard, you can do hydroponics.
We will continue this Friday, October 26.
(For feedback and comments, e-mail eligat_ph@yahoo.com)