Inflation in Central Visayas jumps to 8.5-percent in December 2022

By: Morexette Marie B. Erram - CDN Digital | January 09,2023 - 01:47 PM
Inflation rate

| PSA

CEBU CITY, Philippines – Inflation, which measures the general increase of costs in basic goods and services, in Central Visayas jumped to an all-time high last December 2022.

The region’s inflation accelerated to 8.5 percent in December 2022, the Philippine Statistics Authority here (PSA-7) said. 

It was the highest inflation rate reported for 2022, and the highest since November 2008, PSA-7 added. 

“With this month’s inflation, the region’s average inflation from January to December 2022 stood at 6.6 percent,” they added.

State statisticians attributed the rise in inflation to higher year-on-year growth rates in the indices of Food and Non-alcoholic beverages. 

Increase in the prices of housing, water, electricity, gas and other fuels, as well as restaurants and accommodation services also contributed to the increased inflation in Central Visayas last December.

inflation rate

According to PSA-7, they also observed annual increases in other indices like alcoholic beverages and tobacco (9.9 percent), furnishing, household equipment and routine household maintenance (4.6 percent), health (2.5 percent), recreation, sport and culture (1.9 percent), and personal care and miscellaneous goods and services (3.5 percent).

Areas

The provinces of Bohol and Cebu still had the highest inflation in Central Visayas, the same PSA-7 reported showed.

They registered Bohol and Cebu’s inflation at 10.4 percent last December. Siquijor and Negros Oriental also experienced higher inflation in the previous month, at 10.3 percent and 7.9 percent, respectively. 

Among the highly urbanized cities in Central Visayas, Lapu-Lapu City had the highest inflation at 6 percent while Cebu City, considered the region’s center of economic and commercial activities,  registered at 5.1 percent.

Mandaue City sustained its inflation rate of 4.4 percent since November. 

inflation rate

Inflation also measures the purchasing power in a certain area. 

/bmjo

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TAGS: Central Visayas, inflation rate, Philippine Statistics Authority, PSA-7
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