INFLATION WATCH. Graphics showing the inflation rate of Eastern Visayas provinces in September 2022. Eastern Visayas is the only region in the country that posted a downtrend in the inflation rate during the month. (Image from Philippine Statistics Authority Region 8)
TACLOBAN CITY – Inflation rate (IR) in Eastern Visayas decreased to 6.9 percent in September this year from 7.2 percent in August, the only region in the country that posted a downtrend during the month.
PSA Eastern Visayas Regional Director Wilma Perante on Wednesday said the slowdown in the regional IR in September 2022 was primarily due to the lower annual increase recorded in the index for housing, water, electricity, gas, and other fuel.
"This was followed by the transport index whose double-digit IR declined to 11.5 percent in September 2022, from 13.5 percent in August 2022. The index for alcoholic beverages and tobacco also exhibited lower IR at 6.8 percent, from 7.0 percent in August 2022," Perante said in a phone interview.
IRs were higher for food and non-alcoholic beverages, clothing and footwear, furnishings, household equipment, and routine household maintenance; health; recreation, sport, and culture; personal care; and miscellaneous goods and services.
"The acceleration in the food inflation was primarily influenced by the faster IR in the index for fish and other seafood and the double-digit IRs of sugar, confectionery, desserts, flour, bread, other bakery products, pasta products, and cereals," Perante said.
The rest of the commodity groups either retained their previous month’s IRs or had zero percent annual growths, according to PSA.
She added that except for Eastern Visayas, all regions registered higher IRs in September compared with their IRs in the previous month.
All provinces recorded lower IRs in September, except for Eastern Samar.
Among the provinces, Southern Leyte posted the highest IR at 9.5 percent last month. Northern Samar’s IR came next at 8.9 percent, followed by Eastern Samar at 8.2 percent; Biliran at 7.6 percent; and Samar at 6.6 percent. The lowest IR was noted in Leyte at 5.9 percent.
IR for this city, the lone highly urbanized city in the region, was recorded at 4.5 percent in September, higher than its 4.2 percent IR last month.
Inflation rate is the annual rate of change or the year-on-year changes in the consumer price index. It indicates how fast or how slow the price changes over two time periods (year-on-year).
Contrary to common knowledge, Perante said low inflation does not necessarily mean that prices of commodities are decreasing. It means that prices continue to increase but at a slower rate.
Data collection for the consumer price index is done by the Philippine Statistics Authority provincial twice monthly, except for petroleum products which are monitored every Friday. (PNA)
