Inflation rate in C. Visayas for October 2024 rises to 2.9% — PSA
PSA-7 Director Ariel Florendo delivered the inflation dissemination report for Central Visayas for the month of October. | CDN Digital photo by Niña Mae Oliverio
CEBU CITY, Philippines — After observing a drop in the inflation rate last September, Central Visayas saw an increase of up to 0.8 percent in October this year.
According to the Philippine Statistics Authority in Central Visayas (PSA-7) report on Wednesday, Region 7 recorded a 2.9 percent inflation rate in the previous month compared to the 2.1 percent recorded in September, said PSA-7 Director Ariel Florendo.
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Florendo said during the inflation dissemination report that the main drivers for the uptrend of the regional inflation were the “fastest annual increase” in the prices of food and non-alcoholic beverages at 4.4 percent (from 2.0 percent in September) and transport at -2.6 percent (from -5.7 percent in September).
Meanwhile, according to Florendo, the main contributors to regional inflation were food and non-alcoholic beverages, with a 59 percent share, and housing, water, electricity, gas, and other fuels, with a 30.6 percent share.
Among the provinces in Central Visayas, Bohol posted the highest inflation rate at 2.9 percent, followed by Cebu at 2.8 percent, next is Negros Oriental at 2.0 percent, and Siquijor at 1.6 percent.
Food inflation in the region also increased to 4.6 percent in October from 2.1 percent in September.
It was mainly driven by the faster inflation rate of corn at 18.1 percent from 0.9 percent in the previous month, and rice with a faster annual increase of 8.8 percent in October from 5.4 percent in September.
Inflation refers to the rate of price increase over a specific period, which is also equivalent to a decline in the purchasing power of the peso.
Neil Andrew Menjares, the chief economic development specialist of the National Economic Development Authority-7, said that inflation could be higher or lower.
According to the Central Bank, the national target for the inflation rate is between 2 and 4 percent.
Menjares, present in the dissemination report on Wednesday, said that keeping the inflation rate between the range was the “appropriate” and “acceptable” range.
Meanwhile, in a separate statement, Florendo said knowing the inflation rate would benefit various agencies as the figures they reported could be their source in determining projects they could pursue for the community.
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