Cebu Province inflation rate soared in March 2024

But compared to the HUCs, Cebu Province has the lowest inflation rate in March 2024

A busy day at the Carbon Public Market in Cebu City.   | CDN File Photo by Niña Mae Oliverio

CEBU CITY, Philippines — Cebu Province inflation rate rose in March as Cebuanos continue to grapple with rising prices of goods and commodities, the latest inflation report by the Philippine Statistics Authority (PSA) Cebu showed.

On Wednesday, April 17, PSA Cebu Chief Statistical Specialist Melchor Bautista presented the inflation report in Cebu Province for March 2024.

The figures showed that the Cebu Province inflation rate rose to 0.3 percent in March 2024 from -0.2 percent in February 2024.

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Based on the report, the ‘main drivers of acceleration’ were food and non-alcoholic beverages with 96.9 percent share to the total inflation rate, followed by alcoholic beverages and tobacco (2.3 percent); and clothing and footwear with 0.5 percent share.

The province though, observed a decrease in inflation rate as compared to March last year which has an 8.1 percent rate.

“Kung atong makita sa Cebu Province nag increase siya compared sa February pero ubos siya compared last year. Pero the other highly urbanized cities (HUCs) padayon siya og pasaka. Meaning to say, naay mga other factors especially outside Cebu Province nga mao to siyay nakasaka sa presyo,” Bautista said.

Bautista, who has a masters degree in economics, said that for example, when it comes to food, people living outside the HUCs have other options aside from eating rice.

“Most of them, mukaon man gud og mais. So, meaning to say nga naa sila’y shift from rice to mais. Other than that, mukaon pod sila og [cooked] bananas, mga kamote. At least lang sa other [places] in Cebu, naa sila’y mga substitute nga pwede nila kakuhaan og food,” Bautista.

Bautista added that at the same time, the residents outside the HUCs can also get fresh seafood from the sea, unlike in the HUCs where most of the time people purchase products from the markets.

“Dili parehas sa highly urbanized nga puro palit. So, ang demand and supply within sa highly urbanized cities, mas daghan ang demand compared sa supply whereas sa outside Cebu City, mas daghan og supply compared sa demand,” Bautista added.

Moreover, according to PSA Cebu, the acceleration of food inflation in the province was mainly brought about by the slower year-on-year decrease in the indices of vegetables, tubers, plantains, cooking bananas and pulses.

Other than that, the PSA Cebu said that ready-made foods also contributed to the food inflation in March 2024.

In Cebu City, rice and ready-made food and other food products recorded a higher inflation rate for March 2024.

The inflation rate in rice in March was 20.5 percent, higher than the 19.9 in February, while the rate in ready-made food and other food products (not elsewhere classified index) rose to 6.9 in March from 6.2 in February.

Meanwhile, the inflation rate in Cebu City also rose to 4.7 percent in March from 4.5 percent in February. Lapu-Lapu City also increased to 5.6 percent from 4.5 percent in February; and Mandaue City similarly increased from 6.7 percent in February to 7.5 percent in March.