The clothing and food price decrease slowed inflation and is expected to continue in the next years.
Clothing and Food Price Decrease Contributes to Slow Down Inflation Globally and Easing Financial Burdens
The clothing and food price decrease reportedly slowed down the inflation globally and helped reduce the financial burdens, especially of low-income families, who have been demanding for food price decrease and the slowing of inflation.
According to a report published in The Standard, the inflation rate decreased by 1% from August to September as the food price decrease continued, which led to low prices of eligible food items in supermarkets or stores, including pork and fruits, mainly affected by the food price decrease and slowing inflation.
With the clothing and food price decrease, businesses also gained more customers because lower prices attract customers who were struggling to purchase clothes and food before due to inflation; however, with the clothing and food price decrease continuing, they immediately wanted to buy the essential things.
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Clothing and Food Price Decrease is Expected to Continue to Slow Inflation in Next Years
Despite the clothing and food price decrease, other sectors continue to rise, including increasing fuel prices due to high demand yet insufficient supply of crude, CBS News reported.
Following the reports, financial analysts revealed predictions that the clothing and food price decrease might continue to slow inflation in the next years, helping many struggling residents in their finances.