THE one thing the Filipino consumer will probably remember about 2022 is that it was a year of skyrocketing prices. On basically all fronts, households had to contend with stretching already extended budgets while wondering how much more expensive things could get.

It wasn't how people expected 2022 to turn out. Hopes were high that, after two years of pandemic-spurred lockdowns, the world was on track toward soon reopening. However, a one-two first-quarter combo — a new Covid-19 surge and Russia's invasion of Ukraine — quickly clouded the outlook for economies worldwide.

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