![[ANALYSIS] Is P500 the new P100?](https://i.headtopics.com/images/2022/12/30/rapplerdotcom/analysis-is-p500-the-new-p100-analysis-is-p500-the-new-p100-1608761567260155904.webp)
'If global problems remain and the Marcos government keeps on dawdling instead of resolving our own supply issues here at home, P500 will keep flying off our hands at an alarming rate.' ThoughtLeaders
One of the highlights of Filipino life in 2022 is the extraordinary acceleration of prices, or the fast rise of inflation. In November, inflation reachedThis is captured by something I keep on hearing recently: “P500 is the new P100.” When I
Today you can buy red onions for P600/kg, to as much as P750/kg in some places. That implies an annual inflation of about 200%, which is 25 times the overall inflation rate.The extraordinary price of red onions has inspired a number of memes and cartoons. The most recent I saw is a simpleBut the inflation rate for red chili is, in fact, worse: from P150/kg in end-2021 to P600/kg in end-2022 – an inflation rate of 300%.
The root cause of the onion situation, of course, is the ongoing shortage, which the Marcos government has a. Domestic production has long been struggling and deserves more support from government. To make matters worse, the government is insensitive to the plight of the people. An agriculture deputy spokesperson recently advised the public not to buy one whole kilo of red onions if they can’t afford it. He, “To be reasonable and practical, let’s not buy one kilo. Let’s just buy what we can for now.”
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