ING Bank Manila’s Nicholas Mapa says, while inflation did ease to 2.3% last month and may seem low, it is still overstated. Map says this may be because the Philippine Statistics Authority is measuring the wrong ‘basket’. Mapa explains that the pandemic has changed the consumption and spending of Filipinos away from recreation and transport, and the basket measured has not been updated yet. He adds, while a benign inflation helps protect the purchasing power of Filipinos, too low of an inflation is also bad for the economy.
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