Inflation in the Philippines
Why is the inflation rate in the Philippines continuously increasing? As of October 1, the rate of 1 peso in USD is 58.80. It even went to 59.26 USD on September 27. It resulted in ever increasing prices of goods in the Philippines, a dilemma for Filipinos, particularly for Filipinos in the lower class. Why is the rate of the Philippine peso continuing to go weaker? The reason why the Philippine peso is sustainably depreciating is in consequence of the US Federal Reserve's rate hike. The US currency is the strongest and most traded currency in the world, and if its inflation goes higher, then it will definitely affect the other currencies as well, and one of them is the Philippine peso. Unfortunately, the US is still combating the country's inflation and the domino effect will continue to worsen by the end of this year (2022) or by next year.