Elevated inflation has become a trending topic, with some calling our current 4.5% an "all time high." We examine these claims in light of historical records.
In a graph from the World Bank, Philippine inflation figures hit 50% in 1984 right after the Aquino asasination, and 19% in 1991 in the last year of the Corazon Aquino presidency, followed by 8% in 2008 in the final years of the Arroyo presidency. The most recent high was in 2014 during the mBenigno Aquino administration where we exceeded 4%.
JUdging from the graphs, inflationary spikes such as these are temporary, and often created by elevated costs particularly imported fuel. In a Manila Bulletin report last May 31, the Bangko Sentral ng Pilipinas (BSP) forecasts that May inflation could hit a high of 5.4 percent versus April’s 4.5 percent due to continued elevated oil prices and recent increases in rice prices.