Cebu Province inflation rate in Sept. 2024 drops to 0.7%

CEBU CITY, Philippines — From 3.0 percent in August, the inflation rate in the province of Cebu for September this year has dropped to 0.7 percent, Philippine Statistics Authority (PSA) Cebu reported.

Last month’s deceleration was mainly brought by the declining inflation in the index of food and non-alcoholic beverages at 1.1 percent from 7.8 percent in August; restaurants and accommodation services which recorded a no price movement at 2.7 percent; and furnishings, household equipment and routine household maintenance at 1.1 percent from 2.1 percent.

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Meanwhile, according to PSA Cebu Chief Statistical Specialist, Melchor Bautista, the commodity groups that contributed to the inflation last month were housing, water, electricity, gas and other fuels with 74.2 percent share; food and non-alcoholic beverages with 69.8 percent share; and health with 19.8 percent share.

Aside from Cebu Province, the cities of Lapu-Lapu and Cebu also posted a lower inflation rate in September.

Lapu-Lapu City’s inflation rate dropped to 4.3 percent from 5.6 percent in August, while Cebu City logged 3.9 percent from 4.8 in August.

Among the highly urbanized cities here, only Mandaue City’s inflation rate remained steady at 5.4 percent.

Inflation refers to the rate of price increase over a specific period of time which is also equivalent to a decline in the purchasing power of the peso.

Bautista earlier said that the inflation rates must not be compared in every area of the country because the residents’ usual items or products bought were based on their prevailing needs and wants in their localities; hence, prices varied.

Food inflation

Food inflation in Cebu Province also slowed down to 1.1 percent from 8.2 percent in August, Bautista said.

The deceleration were mainly brought by the faster annual decreases of the indices of corn at 3.6 percent; and vegetables, tubers, plantains, cooking bananas and pulses at 12.2 percent from their respective inflation rates at 36.5 percent and 10.2 percent rates in the previous month.

Moreover, the rice food group also recorded a lower inflation in September at 5.7 percent from 11.7 percent in August.

PSA-7 Director Ariel Florendo earlier said that a consistent inflation rate would contribute to macroeconomic stability, indicating minimal fluctuation in the average prices of goods and services.

“The inflation with the stability, that’s good because stable man siya (it is already stable)… The fact that it is stable, that is good for the economy, especially Region 7,” Florendo said.