May 2022 inflation rate in Central Visayas at 5.3% — PSA-7
CEBU CITY, Philippines – While the rest of the country saw an increase in inflation rates, it was the opposite for Central Visayas.
The regional bureau of the Philippine Statistics Authority in Central Visayas (PSA-7), in a press release dated June 8, 2022 reported that the inflation rate in the region was at 5.3 percent in May 2022.
It was a slight decrease, by 0.1 percent, compared to the 5.4 percent recorded last April 2022.
“The inflation rate in Central Visayas exhibited a slower pace for May 2022 at 5.3 percent which was lower than the 5.4 percent annual increase in April 2022,” PSA-7 said in a report.
The same report, signed by PSA-7 director, Engr. Ariel Florendo, also said Central Visayas was the only region to have ‘recorded a downtrend in its inflation among the 16 regions.’
However, May’s inflation rate in the region is still way higher compared to the 2.3 percent state economists and statisticians recorded last May 2021.
The 5.4 inflation rate registered in April was the highest in Central Visayas yet for 2022.
The region’s inflation rate skyrocketed to 5 percent last January, from 2.2 percent in December 2021.
Inflation in the entire Philippines continues to go in an upward trend in May 2022 as it reached 5.4 percent.
High Food Inflation
PSA-7 attributed the slight decline in Central Visayas’ inflation rate to a decrease in the prices of housing, water, electricity, gas, other fuels, and alcoholic beverages and tobacco indices.
Inflation among the housing, water, electricity, gas, and other fuels index eased at 3.5 percent while it’s 1.6 percent for the alcoholic beverages and tobacco index.
State statisticians also noted lower inflation in other indices such as Furnishing, Household Equipment, and Routine Household Maintenance (2.2 percent); Restaurants and Accommodation Services (1.2 percent); Personal Care and Miscellaneous Goods and Services (0.6 percent), Health (0.6 percent), and Clothing and Footwear (0.2 percent).
Inflation for the Food index, however, rose to 6.8 percent in May 2022. It was up by 0.1 percent from the 6.7 percent in April 2022, and by 5.8 percent from the 1 percent recorded last May 2021.
“The uptick in the food inflation was primarily influenced by the annual growths in fish and other seafood index at 8.4 percent, and Sugar, confectionery and desserts index at 7.5 percent. In addition, higher annual increments were recorded in the following food groups: oils and fats (7.0 percent), and vegetables, tubers, plantains, cooking bananas, and pulses (0.2 percent),” the report added.
Inflation is used to measure the general increase in the prices of goods and services. It also meant a weakening purchasing power.
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