Christmas 2022 Is Getting Really Expensive, Here's How Much It Will Hurt
Ready your budgets this holiday season.
(SPOT.ph) Filipinos will have to spend more money in celebrating Christmas this year as prices of Noche Buena items and inflation continue to soar ahead of the holidays, government data showed.
Some 195 out of 223 Noche Buena favorites have increased their prices from 10 to 27%, the Department of Trade and Industry said, which means Filipinos would have to adjust their budgets just to have spaghetti, ham, and fruit salad on their Christmas dinners. Simply put, you'll need P1,100 to P1,270 this year to match every P1,000 that you budgeted for Noche Buena in 2021.
Inflation is also expected to accelerate further following a 14-year high of 7.7% in October, with the Bangko Sentral ng Pilipinas projecting November inflation to hit 7.4 to 8.2%.
By how much did prices of Christmas staples increase?
According to the DTI, 94 of the 195 Noche Buena items increased their prices by more than 10%, while 51 increased by 6 to 10%, and 50 increased by 1 to 5%, GMA News reported.
Specific Noche Buena items have varying levels of price increase. Ham, for example, now has a suggested retail price of P163 to P892.50 from P158 to P862 in 2021.
Prices of pasta now range between P25.50 and P111 from just P19 and P92.50 last year, while spaghetti sauce is now priced at P23.55 to P95.50 from P22 to P85.90 in 2021.
If you are having fruit salad for Christmas, take note that fruit cocktail now costs P56 to P288 from last year's P55 to P255, while cream is now P63 to P75 per pack from P59 to P60 last year.
DTI USec. Ruth Castelo said that as the government couldn't control the cost of Noche Buena items, they can only ask manufacturers to at least regulate the price hikes.
"These are unregulated products because these are only needed seasonally. They are neither basic nor prime," Castelo said in an ANC interview on Thursday, December 1.
"So government only monitors the prices and appeals to manufacturers to at least temper the increase that they impose on the products," she added.
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Other price increases to watch out for
Noche Buena items are not the only ones affected by price hikes. Even fast-food favorites and food deliveries saw an increase in prices as inflation continues to jack up the cost of basic commodities.
Netizens couldn't help but notice the steep price increase of fast-food staples, like the popular hotdog sandwich approaching P100 a la carte from just around P50 a few months ago. One order of chocolate sundae via FoodPanda or GrabFood deliveries also now costs around P50.
LPG prices are also expected to go up this December due to an increase in global demand, the Department of Energy said in a CNN Philippines report. In November alone, prices of LPG products had risen by P3.50 per kilogram while prices of auto LPG increased by P1.95 to P1.96 per liter, the report added.
What can you do?
As price increases and inflation continue to hamper Christmas preparations, Filipinos should manage their hard-earned 13th month pay and other bonuses and use them only for essential expenses.
"Kung hindi natin siya i-manage, hindi natin mamamalayan na ubos na pala yung ating bonus," financial coach Joanna Almonte-Detera said in an earlier interview with SPOT.ph.
Getting a part-time job or a side hustle will help you earn more money as inflation chokes your budget. You can also keep your electricity and food consumption at minimal levels so that you can also save more money for expenses that also matter, Almonte-Detera added.