It's Going to Be an Expensive Christmas for Filipinos Thanks to Inflation
Filipinos are feeling the effects of inflation, and it’s most likely going to make Christmas 2022 one of the most expensive family celebrations in years. According to Packworks Sari IQ, the prices of staple Christmas recipe ingredients are increasing even in sari-sari stores, which could put a damper on your noche buena and media noche plans.
Sari IQ, the intelligence arm of B2B startup Packworks, has found that the prices of culinary milk, cream, canned fruits, and cooking oils have all experienced spikes in recent weeks, which will make fruit salads, leche flans, and halo-halo a little more expensive this year. With the cost of living on the rise, inflation is the last thing we need with Christmas around the corner, but there’s no avoiding the increase in holiday food prices.
The price of milk and cream went up by 11.84 percent, with milk packs and containers costing approximately P10 to P15 more expensive than previous prices. According to Andres Montiel, Chief Data Officer of Packworks, attributes this increase to the fact that most culinary milk and creams are imported at a time when the dollar has the upper hand over the peso.
Meanwhile, prices of palm, vegetable, and canola oils soared by 5.95 percent and are now being sold for approximately P80 more per liter. Even mayonnaise and peanut butter increased by 5.77 percent, costing about P40 more expensive per kilo. Dairy products like cheese and ice cream are also pricier, up by about 5.28 percent. Canned goods are also more expensive with a 5.26 percent increase, while canned fruits and vegetables are also up by P20.
“These prices could go up further through 'ber' months, and the demand will definitely be higher. Our local households may be able to skimp on other items, such as clothing or gas, but they have to eat,” said Montiel.
One increase might be forgivable for the budget, but when the price of almost every staple Christmas ingredient is getting higher and higher, the only solution might be to revamp your menu into something more affordable in 2022.