Inflation in Central Visayas slightly dips to 7.2% in Jan. 2023
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CEBU CITY, Philippines — While the rest of the Philippines saw inflation continually rising last January, here in Central Visayas, the general increase in costs has slightly dipped.
The Philippine Statistics Authority in the region (PSA-7), in their latest Summary Inflation Report, recorded that inflation here decreased to 7.2 percent in January.
“The inflation in Central Visayas decreased at a faster pace of 7.2 percent in January 2023, from 8.5 percent in December 2022,” portions of the report stated.
It was signed by PSA-7 director, Ariel Florendo, and released on Feb. 9.
Even if the inflation here decelerated, it is still up by 2.2 points compared to the figures posted in January 2022 where inflation rates reached five percent.
Central Visayas recorded its highest inflation since 2018 last December 2022.
January 2023 Inflation
Statisticians attributed the downward trend of Central Visayas’ inflation to a lower year-on-year growth rate in the index of Food and Non-alcoholic Beverages index.
It declined by 7.4 percent from 11.2 percent last December 2022, PSA-7 said.
They also saw decreases in the year-on-year growth rate on other indices. These included the Housing, Water, Electricity, Gas, and other fuels, Alcoholic Beverages and Tobacco, Clothing and Footwear, Furnishing, Household Equipment and Routine Household Maintenance, Health, Transport, Recreation, Sport and Culture, Education Services, and Personal Care, and Miscellaneous Goods and Services.
PSA-7 added that food inflation at the regional level also declined to 7.5 percent in January 2023, from 11.5 percent last December 2022.
“In January 2022, food inflation was higher at 11.1 percent,” they said.
Aside from indices, all provinces in Central Visayas also noted a decrease in inflation rates with Cebu province recording ‘an abrupt decrease’ from 10.4 percent in December 2022 to 7.9 percent in January 2023.
“The deceleration of the inflation rate in Cebu Province was primarily due to the lower annual growth rate in the index for food and non-alcoholic beverages at 6.6 percent from 13.8 percent in the previous month (December 2022),” PSA-7 explained.
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