Central Visayas posts highest inflation rate — 5.7% in June
The prices of chicken in Cebu markets have stabilized after the suppliers have resumed their delivery of dressed chicken after a week of stopping operations due to NMIS reevaluation. | CDN Digital File Photo
CEBU CITY, Philippines — Consumers in Central Visayas were not spared by the continuous increase in the prices of basic commodities.
In fact, last June, the region posted its highest inflation since 2018, the Philippine Statistics Office in Central Visayas (PSA-7) stated.
Regional statistician, Engineer Ariel Florendo, stated in a report that inflation jumped from 5.3 percent in May to 5.7 percent in June.
Florendo also said the 5.7 percent inflation last June was ‘the highest recorded inflation since October 2018.’
Inflation is used to measure the general increase in the prices of goods and services. It also meant a weakening of purchasing power.
Food Inflation
PSA-7 attributed the higher inflation rate in Central Visayas to the higher annual growth rate in the prices of food and non-alcoholic beverages, which was at 7 percent.
“Moreover, inflation for food at the regional level rose further to 7.6 percent in June 2022 from 6.8 percent in May 2022. In June 2021, food inflation was lower at 0.0 percent,” they added.
Uptick in food inflation was brought by the double-digit annual growths in essential food groups such as corn (62.6 percent), oil and fats index (11.3 percent), and sugar, confectionery, and desserts (10.1 percent).
Other food groups that also posted higher annual increments are flour, bread and other bakery products, pasta products and other cereals (1 percent); meat and other parts of slaughtered land animals (7.9 percent); milk, other dairy products and eggs (0.0 percent); fruits and nuts (1.1 percent); vegetables, tuber, plantains, cooking bananas and pulses (4 percent).
On the other hand, PSA-7 noted a decrease in the prices of rice and fish, and other seafood at 0.8 percent and 7.6 percent respectively.
“While ready-made food and other food products n.e.c index declined during the month at an annual rate of -0.3 percent,” they added.
The same report from PSA-7 also showed that an increase in costs was observed in other commodities such as transport (21.1 percent), housing, water, electricity, gas and other fuels (3.6 percent), furnishing, household equipment and routine household maintenance (2.6 percent), information and communication (0.2 percent), alcoholic beverages and tobacco (1.9 percent), health (0.7 percent), and recreation, sport and culture (0.2 percent).
Commodity groups that managed to retain their inflation rates, on the other hand, were restaurants and accommodation services (1.2 percent), personal care and miscellaneous goods and services (0.6 percent), clothing and footwear (0.2 percent), education services and financial services (both at zero percent).
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