PEOPLE are complaining about the high prices that we are experiencing nowadays. For example, in the last year, 2022, our average inflation was 5.8 percent, and the BSP Monetary Board forecast for 2023 will likely be around 2 percent to 4 percent inflation.
Inflation has two sides: cost-push inflation is when the demand does not change, but the supply of goods declines. One good example is the rising cost of oil prices due to the ongoing war between Ukraine and Russia. The second type of inflation is the demand-pull inflation which strong demand for products or services can cause.
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