The sudden reduction of economic activities due to the lockdown resulted in"demand disappearing, as consumers focus on purchase of basic commodities," Albert said. In addition,"not every job can be performed at home in services or industry, so this is why we not only had reduced economic performance, but effectively a supply destruction."
If we look at the inflation rate for each commodity, many have largely remained steady in 2020 so far, except for a steep drop in transport, and a decline in housing and utilities like water and gas. Zeroing in on food items, the inflation rate for vegetables, fruits, and other miscellaneous products went down in May compared to April. The inflation rate for fish has been gradually going down since March.
Both Albert and Punongbayan also explained that the prices of medical supplies like rubbing alcohol and personal protective equipment shot up at the start of the pandemic – as well as during the Taal Volcano eruption in January. In the case of face masks, prices rose because of overwhelming demand and limited supply. But since then, supply has stabilized.
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