Lifestyle

How to Manage Your Grocery Budget Given the High Inflation Rate

Rice, corn or noodles? Fish or meat? Use the variations in price increases as your guide.

Shares

As inflation hit fresh highs in recent months in part due to lack of cheaper rice varieties sold by the government, the Department of Agriculture suggested consumers should consider shifting to corn, or a mixture of rice and corn, as staple food. A measure of how fast consumer prices are going up from the year before, the Philippines’ inflation rate hit 6.4 percent in August, the highest since March 2009.

ADVERTISEMENT - CONTINUE READING BELOW

 

 

No doubt, there are health, gastronomical and even cultural reasons in favor of consuming corn, a popular rice substitute in many parts of the Visayas and Mindanao. It’s considered more filling and can help manage diabetes, according to agriculture secretary Manny Piñol. But, if the idea is to escape rising inflation, shifting to corn may not be a very good idea.


ADVERTISEMENT - CONTINUE READING BELOW

According to the Philippine Statistics Authority (PSA), corn prices went up by 12.6 percent in the year to August 2018 compared to only 7.1 percent for rice. That means corn prices are rising at a faster pace than rice prices. The PSA data also showed that the best option to avoid high inflation is to go for other cereals, bread, pasta and flour, which is used to make noodles. Prices for these items rose by only 3.2 percent during the same period.

ADVERTISEMENT - CONTINUE READING BELOW

 

Using PSA consumer price indices, Entrepreneur Philippines compared the inflation rates of several consumer items used by households, focusing on those that could be substituted for each other. By choosing items with lower inflation, smart buyers can potentially avoid higher price increases. (See infographic)

The following are some insights that can be gleaned from the inflation comparisons:

Amid surging fish prices, it may be more affordable to source your protein from meat and even from eggs as well as cheese.

With higher increases in vegetable prices, it may be a good idea to get your fiber from fruits instead. As a dessert, fruits are more affordable compared to jams and chocolate.

Now’s a good time to give up cigarettes as tobacco prices climbed by almost 30 percent in August. However, it may be harder to forego alcoholic drinks, whose prices are rising slower than non-alcoholic beverages.

If you’re planning to shop for clothes, shoes and personal care products, now may be time to do it as price increases for these items are relatively modest compared to grocery goods. Shopping for that Christmas gift list now is also a good idea.

ADVERTISEMENT - CONTINUE READING BELOW

Just make sure that you take public transport on your way to the mall though. According to the latest price index, using your own car has become costlier by more than 20 percent while transport services rose by less than three percent.

For recreation, you’re better off reading books, whose prices moved up by only 1.5 percent, compared to watching movies (as well as plays and concerts), whose cost went up by almost a tenth.

 

*****

 

 

Elyssa Christine Lopez is a staff writer of Entrepreneur PH. Follow her on Twitter @elyssalopz

 

This story originally appeared on Entrepreneur.com.ph.

* Minor edits have been made by the Realliving.com.ph editors.

More on Realliving.com.ph

Shares

Latest Stories

10 Ways to Make Your Small Living Room Look Bigger and Better

Don't let the small space limit your creativity when it comes to decorating!

How to Pack a Suitcase Efficiently, Prevent Wrinkled Clothing

Especially if you're just bringing a carry-on!

7 Ways to Make Your Ceiling Look Higher Than It Actually Is

Take note of these decorating tricks to help you create the impression of a taller room.

Replacing This Home Appliance May Help You Save on Electricity

Sometimes, oldies are not necessarily goodies.

How to Fake Natural Light When Your Home Doesn't Have a Lot of Windows

Avoid dark, heavy window treatments and keep furniture away from windows.

A Look Inside Baby Baz Go's Playroom

Hand-painted details and captivating colors complete the room's whimsical woodland theme

10 Storage Ideas to Organize a Cluttered Bathroom

You don't need to stop at just shelves and baskets when organizing your bathroom.

A Filipino Family Based in Dubai Shares How Living With Less Made Them Happier

Minimalism is not just about having a clutter-free home, says the mom. It's also about having peace of mind.

There's a Secret Trick to Keeping a Small Kitchen Neat and Clean

Many of us instantly think it's difficult to work in a small kitchen.

How to Live With Less? Stop Buying Things Just Because It's on Sale for Starters

The journey toward minimalism can be challenging, but it will be worth it.

Look Forward to Laundry Day With These Nifty Hacks

Make this dreaded household chore more manageable with these must-dos

This 28sqm Studio Unit in Bacolod is Perfect for Staycations

The design team created a compact yet inviting small home with a warmth that matches the vibe of the City of Smiles
Load More Stories

Get inspiring design ideas and handy hints.
Subscribe to our newsletter now!