PRICE HIKES. Table shows the inflation in May 2022 recorded in Eastern Visayas and its six provinces. Eastern Visayas’ official inflation rate rose to 6.3 percent in May, the highest acceleration recorded since November 2018, the Philippine Statistics Authority reported on Monday (June 13, 2022). (Photo courtesy of PSA)
TACLOBAN CITY – Eastern Visayas’ official inflation rate rose to 6.3 percent in May, the highest acceleration recorded since November 2018, the Philippine Statistics Authority (PSA) reported on Monday.
PSA Eastern Visayas Regional Director Wilma Perante said the acceleration in the region’s inflation rate in May 2022 was primarily due to increases in the cost of transport, housing, water, electricity, gas and other fuels, personal care, and miscellaneous goods and services.
“That means that goods and services that cost PHP100 in May 2021 is already worth PHP106.3 in May 2022,” Perante said in a phone interview Monday.
Other contributors to the upward trend of the region’s inflation rate during the month are restaurants and accommodation services; information and communication; alcoholic beverages and tobacco; furnishings, household equipment, and routine household maintenance; recreation, sport, and culture; and health.
Perante said inflation rate for food and non-alcoholic beverages commodity group was at 6.1 percent. Meat and other parts of slaughtered land animals and fruits and nuts continued to register double-digit inflation rates at 17.6 percent and 11.7 percent, respectively.
Among regions, Eastern Visayas’ inflation rate last May ranked fourth highest in the country. The Cordillera Autonomous Region registered the highest rate at 6.9 percent.
Of the six provinces in the region, Southern Leyte province posted the highest rate at 8.7 percent, followed by Northern Samar (7.1 percent), Leyte (6.7 percent), Samar (5.9 percent), Biliran (5.0 percent), and Eastern Samar (3.8 percent).
Inflation is the rate at which the general level of prices for goods and services is rising and, consequently, the purchasing power of peso is falling. (PNA)
