{"id":3141,"date":"2023-05-10T14:58:46","date_gmt":"2023-05-10T13:58:46","guid":{"rendered":"https:\/\/kabayanremit.com\/blog\/?p=3141"},"modified":"2023-05-10T14:58:46","modified_gmt":"2023-05-10T13:58:46","slug":"what-is-inflation","status":"publish","type":"post","link":"https:\/\/kabayanremit.com\/blog\/finance\/what-is-inflation\/","title":{"rendered":"What is inflation and how does it affect OFWs?"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><div class=\"vc_row wpb_row vc_row-fluid\"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\">\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1683713898315\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Inflation is when the cost of what you buy goes up over time, while the value of your money goes down.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682673471170\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>For example, while buying groceries, you notice you\u2019ve been spending more money on the same items you bought last year. At the same time, movies, food deliveries, and clothes have become more expensive, so there have been fewer nights out than before.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682673477080\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>If you\u2019re an overseas Filipino worker (OFW), you\u2019d also notice you\u2019ve been needing to send more money to the Philippines to pay the bills; or, if inflation is happening in your host country, you\u2019ve been needing to hustle even harder to support both yourself and your family back home.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682673483218\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>As time passes and prices increase, you\u2019ll get less bang for your buck than in previous months or years. And if your money can\u2019t keep up with inflation, you would then need to consider a change in lifestyle, re-evaluating what you buy and how you spend your time.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1683714064152\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Inflation is inevitable and sometimes desired, but that doesn\u2019t mean you\u2019ll always be vulnerable to it. Understanding inflation, its causes, and how to prepare for it can help you plan your finances and live the life you want.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"font-size: 24px;text-align: left\" class=\"vc_custom_heading\" >What are the types of inflation?<\/h3>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1683625995978\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"600\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/1-What-Is-Inflation.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"\" title=\"1-What-Is-Inflation\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/1-What-Is-Inflation.jpg 1000w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/1-What-Is-Inflation-300x180.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/1-What-Is-Inflation-768x461.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1683714096635\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>The types of inflation indicate the causes behind a rise in the cost of goods and services.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1683714342215\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>These are:<\/p>\n<ul>\n<li>Demand-pull inflation<\/li>\n<li>Cost-push inflation<\/li>\n<li>Built-in inflation<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1683714376766\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Let\u2019s go through each of these and how they happen.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"font-size: 24px;text-align: left\" class=\"vc_custom_heading\" >Demand-Pull Inflation<\/h3>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1683714232444\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"600\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/12-What-Is-Inflation.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"\" title=\"12-What-Is-Inflation\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/12-What-Is-Inflation.jpg 1000w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/12-What-Is-Inflation-300x180.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/12-What-Is-Inflation-768x461.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1683714413587\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>When people want more of a good or service, but providers don\u2019t have the capacity to meet demands, prices for that good or service go up.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682673790433\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>According to James Chen for <a href=\"https:\/\/www.investopedia.com\/terms\/d\/demandpullinflation.asp\" target=\"_blank\" rel=\"noopener\">Investopedia<\/a>, other causes behind demand-pull inflation are:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682673807023\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>People have a positive outlook on the economy and are willing to spend more.<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682673815288\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>A country is exporting more goods than usual, making it more expensive to import other goods for manufacturing and selling.<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682673822564\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>A government is spending more money, causing a rise in prices.<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682673829494\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Businesses are expecting future inflation and are raising their prices as a response.<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682673835658\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>There is more money circulating in the economy than there are goods and services.<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"font-size: 24px;text-align: left\" class=\"vc_custom_heading\" >Cost-Push Inflation<\/h3>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1683626425628\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"600\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/3-What-Is-Inflation-1.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"\" title=\"3-What-Is-Inflation\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/3-What-Is-Inflation-1.jpg 1000w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/3-What-Is-Inflation-1-300x180.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/3-What-Is-Inflation-1-768x461.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1683714852219\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Cost-push inflation occurs when prices to produce most goods and services go up. Because it is more expensive to provide a commodity and pay the people who produce or sell it, the prices consumers must pay rises as well.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1683714963467\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>One reason production costs go up is because of rising oil prices. You\u2019ll notice that when oil becomes more expensive, the price of other goods and services also increases.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1683715133739\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Take food delivery as a simplified example: To make rice bowls, a chef would need to transport ingredients from the suppliers to their kitchen. They would then pay delivery drivers to take the final products to the customers. Transporting ingredients, cooking, and delivering these rice bowls would require gas and petrol. If fuel prices are up, the chef would need to raise the price of their rice bowls to cover their costs.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682674017199\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Other factors resulting in cost-push inflation are as follows:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682674029513\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Increasing costs of raw materials<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682674046800\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Labour issues or higher labour costs<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682674053805\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Natural disasters that affect materials and manufacturing<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682674060947\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>New economic laws or policies<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682674071880\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Political issues<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"font-size: 24px;text-align: left\" class=\"vc_custom_heading\" >Built-In Inflation<\/h3>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1683626918767\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"600\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/4-What-Is-Inflation-1.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"\" title=\"4-What-Is-Inflation\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/4-What-Is-Inflation-1.jpg 1000w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/4-What-Is-Inflation-1-300x180.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/4-What-Is-Inflation-1-768x461.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682674305238\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>When people predict that inflation will continue at a steady pace, they ask for more pay. As their wages rise, so does their demand, pushing up the cost of goods and services.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682674325301\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>This cycle of wage hikes followed by price increases can go on and on if left unchecked by a country\u2019s financial authority. Unmanaged, this phenomenon is called the <a href=\"https:\/\/www.investopedia.com\/terms\/w\/wage-price-spiral.asp\" target=\"_blank\" rel=\"noopener\">wage-price spiral<\/a>.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"font-size: 24px;text-align: left\" class=\"vc_custom_heading\" >How do we manage inflation?<\/h3>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1683627647293\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"600\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/5-What-Is-Inflation.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"\" title=\"5-What-Is-Inflation\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/5-What-Is-Inflation.jpg 1000w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/5-What-Is-Inflation-300x180.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/5-What-Is-Inflation-768x461.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1683715242204\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>A country controls inflation by using a monetary policy. In the Philippines, the central bank or Bangko Sentral ng Pilipinas (BSP) enforces a monetary policy that aims for price stability, where inflation grows at a low and slow rate.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682674526304\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>According to BSP\u2019s <a href=\"https:\/\/www.bsp.gov.ph\/SitePages\/PriceStability\/PriceStability.aspx#:~:text=Monetary%20Policy%20Decisions,-2023%20March%2022&amp;text=The%20Monetary%20Board%20decided%20to,percent%2C%20effective%2024%20March%202023.\" target=\"_blank\" rel=\"noopener\">official website<\/a>, \u201cBy keeping the price stable, the BSP helps ensure strong and sustainable economic growth and better living standards.\u201d<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1683715335048\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Guided by the policy, the BSP sells securities, grants, loans, adjusts interest rates, and participates in the <a href=\"https:\/\/kabayanremit.com\/blog\/finance\/understanding-exchange-rates\/\" target=\"_blank\" rel=\"noopener\">foreign exchange market<\/a>.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"font-size: 24px;text-align: left\" class=\"vc_custom_heading\" >How do we measure inflation?<\/h3>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1683627792392\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"600\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/6-What-Is-Inflation.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"\" title=\"6-What-Is-Inflation\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/6-What-Is-Inflation.jpg 1000w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/6-What-Is-Inflation-300x180.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/6-What-Is-Inflation-768x461.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682694633121\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>When a country\u2019s leaders monitor inflation, they use indexes, which record the prices of certain goods and services over time.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1683715398989\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>The indexes they use are listed out below. You can also monitor these online to prepare yourself for inflation:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682694662736\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li><strong>Consumer Price Index (CPI) \u2013<\/strong> Monitors the average retail price of basic necessities, like food, transportation, and medicine<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682694675787\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li><strong>Wholesale Price Index (WPI) \u2013<\/strong> Monitors the cost of goods before they hit retail shelves<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682694690658\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li><strong>Producer Price Index (PPI) \u2013<\/strong> Monitors how much it costs to make a good or provide a service over time<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682694701203\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>If you\u2019re thinking ahead, you can also monitor these indices to prepare a strategy against inflation.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"font-size: 24px;text-align: left\" class=\"vc_custom_heading\" >What is the formula for inflation?<\/h3>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1683628317871\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"600\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/7-What-Is-Inflation.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"\" title=\"7-What-Is-Inflation\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/7-What-Is-Inflation.jpg 1000w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/7-What-Is-Inflation-300x180.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/7-What-Is-Inflation-768x461.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1683715834169\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Let\u2019s compare the cost of a \u20b1150 rice bowl in Metro Manila in 2018 to the same rice bowl in 2023. To get the inflation rate, we\u2019ll use this formula:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1683715842482\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>% Inflation rate = (Final CPI Index Value \u00f7 Initial CPI Value) x 100<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682694796179\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Next, we\u2019ll use data from the Philippine Statistics Authority\u2019s <a href=\"https:\/\/openstat.psa.gov.ph\/PXWeb\/pxweb\/en\/DB\/DB__2M__PI__CPI__2018\/0012M4ACP17.px\/?rxid=b94c1ff8-ed1b-4fb9-8ccd-975866430807\" target=\"_blank\" rel=\"noopener\">consumer price index<\/a>:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682694810854\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Initial CPI Index Value (January 2018) = 98.00<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682694823365\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Final CPI Index Value (January 2023) = 125.70<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1683715760513\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>% Inflation rate = (125.70 \u00f7 98.00) x 100<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1683715729228\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Plugging in the values to the formula, we\u2019ll get an inflation rate of 128.26%.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682694890678\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>So, how much would the rice bowl cost in 2023? We\u2019ll use this formula:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1683716112984\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Change in Value = (Final CPI Index Value \u00f7 Initial CPI Value) x (Initial PHP Value) = 1.28 x 150<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682694934170\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Thus, the cost of a \u20b1150 rice bowl in Metro Manila in 2023 would be \u20b1192.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1683726719008\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Knowing the inflation rate and getting an idea of how much you\u2019d spend for necessities in the next five years, means you can plan how to <a href=\"https:\/\/kabayanremit.com\/blog\/finance\/5-money-management-tips-for-ofws\/\" rel=\"noopener\">save<\/a> and <a href=\"https:\/\/kabayanremit.com\/blog\/finance\/saving-with-sss-peso-funds\/\" rel=\"noopener\">grow your money<\/a> to combat inflation.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"font-size: 24px;text-align: left\" class=\"vc_custom_heading\" >How do I protect my money from inflation?<\/h3>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1683628462518\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"600\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/8-What-Is-Inflation.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"\" title=\"8-What-Is-Inflation\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/8-What-Is-Inflation.jpg 1000w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/8-What-Is-Inflation-300x180.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/8-What-Is-Inflation-768x461.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1683716273687\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>In the cycle of life, prices inevitably go up. So it helps to have something extra saved to bulk up your savings.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682696076349\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>You can research different techniques to prepare for inflation, but let\u2019s start with these three strategies:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1683716452054\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Looking into stocks<\/li>\n<li>Owning a home<\/li>\n<li>Taking care of yourself<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1683716486205\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Read on to find out more.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"font-size: 24px;text-align: left\" class=\"vc_custom_heading\" >Looking into stocks<\/h3>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1683628540840\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"600\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/9-What-Is-Inflation.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"\" title=\"9-What-Is-Inflation\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/9-What-Is-Inflation.jpg 1000w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/9-What-Is-Inflation-300x180.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/9-What-Is-Inflation-768x461.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682696150751\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>When you buy stocks, you own a fraction of a company and can get a share of its earnings through dividends.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682696167077\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>To fight inflation, you can try investing in companies that deal with raw materials or products that go into making other goods and services. For example, the prices of grain or metals go up along with inflation.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682696219957\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>When these stocks go up, you may sell your share at a higher price or hold on to them and earn dividends.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682696291039\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>With variable-income investments, there will be more risks. You could earn money but may also lose more money depending on the market. So do your research and consult a broker accredited by the <a href=\"https:\/\/www.pse.com.ph\/directory\/\" target=\"_blank\" rel=\"noopener\">Philippine Stock Exchange<\/a> before spending.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682696332062\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Read more about the different types of investing for OFWs <a href=\"https:\/\/kabayanremit.com\/blog\/finance\/types-of-investments\/\">here<\/a>.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"font-size: 24px;text-align: left\" class=\"vc_custom_heading\" >Owning a home<\/h3>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1683628602803\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"600\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/10-What-Is-Inflation.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"\" title=\"10-What-Is-Inflation\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/10-What-Is-Inflation.jpg 1000w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/10-What-Is-Inflation-300x180.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/10-What-Is-Inflation-768x461.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682696605528\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Buying a house takes time, but you will have a place to call your own. As you pay your mortgage over the years, your home\u2019s value will usually grow along with inflation.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682696617447\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>And, once the property is under your name, you can choose to sell it and move to a new home or rent it out. Both choices become your additional source of income.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1683716765403\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Did you know that when you use Kabayan Remit\u2019s service, you can make housing and bills payments to the following corporations:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682696684705\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Aboitizland Incorporated<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682696690850\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Crown Asia Properties<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682696696818\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>DMCI Homes<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682696703141\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Filinvest Land Inc.<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682696709307\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Megaworld Corporation<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682696714685\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Robinsons Land Corporation<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682696720798\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>SM Development Corporation<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1683716970418\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>There are also numerous other types of housing and bills payments you can make with Kabayan Remit, click <a href=\"https:\/\/kabayanremit.com\/help-center\/what-bills-can-i-pay-for\/\">here<\/a> for the full list.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"font-size: 24px;text-align: left\" class=\"vc_custom_heading\" >Taking care of yourself<\/h3>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1683628763779\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"600\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/11-What-Is-Inflation.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"\" title=\"11-What-Is-Inflation\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/11-What-Is-Inflation.jpg 1000w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/11-What-Is-Inflation-300x180.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2023\/05\/11-What-Is-Inflation-768x461.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1683717150717\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Higher prices mean you\u2019ll need to earn more too. Learn new skills and hone existing ones to stay competitive when it comes to work and job opportunities.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682697467279\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>It would be best to take care of your health so you don\u2019t have to worry about paying the bills when prices go up.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1683727007910\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>And, most importantly, you need to keep your money safe. Be mindful of financial scams when transacting online, keep your passwords private, and always use a secure financial app when sending money back home to your loved ones in the Philippines.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682697494079\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Luckily, Kabayan Remit is here to help you grow your money on the go. With our user-friendly mobile app, you can:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682697500955\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Instantly send money to major banks in the Philippines<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682697507495\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Keep your money safe thanks to our bank-level security features<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682697513706\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Pay your bills and investments with our <a href=\"https:\/\/kabayanremit.com\/help-center\/what-bills-can-i-pay-for\/\">partner merchants<\/a><\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1682697586777\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>To learn more, talk to our <a href=\"https:\/\/kabayanremit.com\/customer-support\/\">24\/7 bilingual customer support<\/a> or click <a href=\"https:\/\/kabayanremit.com\/\">here<\/a>.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<\/div><\/div><\/div><\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Inflation is when the cost of what you buy goes up over time while the value of your money goes down. For example, while buying groceries, you notice you\u2019ve been spending more money on the same items you bought last year. At the same time, movies, food deliveries, and clothes have become more expensive, so there have been fewer nights out than before.<\/p>\n","protected":false},"author":5,"featured_media":3152,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[105],"class_list":["post-3141","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-what-is-inflation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is inflation and how does it affect OFWs? - Kabayan Remit<\/title>\n<meta name=\"description\" content=\"Inflation is when the cost of what you buy goes up over time, while the value of your money goes down. Read on to find out more.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kabayanremit.com\/blog\/finance\/what-is-inflation\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is inflation and how does it affect OFWs? - Kabayan Remit\" \/>\n<meta property=\"og:description\" content=\"Inflation is when the cost of what you buy goes up over time, while the value of your money goes down. 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