DOWNTREND. The inflation rate in Central Luzon continued to slow down to 6.7 percent in May 2023, according to the latest report of the Philippine Statistics Authority-Regional Statistical Services Office (PSA-RSSO) 3. The same inflation rate was also recorded during the same period in 2022. (Infographic courtesy of PSA)
CITY OF SAN FERNANDO, Pampanga – The inflation rate in Central Luzon continued to slow down to 6.7 percent in May based on the latest report of the Philippine Statistics Authority-Regional Statistical Services Office in the region (PSA-RSSO 3).
The latest figure was 0.6 percentage points lower from 7.3 percent in April.
The same inflation rate was also recorded during the same period in 2022.
Central Luzon ranked third among the regions with the highest inflation in May.
Mimaropa posted the highest inflation at 7.2 percent followed by Western Visayas at 7.1 percent.
Cordillera Administrative Region, meanwhile, has the lowest inflation at 3.9 percent.
The country’s headline inflation also further decelerated from 6.6 percent in April to 6.1 percent in May.
In her report on Thursday, PSA-RSSO 3 Regional Director Arlene Divino said the downtrend in inflation can be attributed to lower increments recorded in the index of housing, water, electricity, gas and other fuels at 5.5 percent from 7.0 percent in April.
This was followed by the indices of transport at 1.8 percent, food and non-alcoholic beverages at 7.4 percent, and alcoholic beverages and tobacco at 16.4 percent.
The annual growth rate in the regional food index also decelerated from 7.5 percent in April to 7.3 percent in May.
Divino said the downtrend in the food index was primarily brought about by lower increments in the indices of meat and other parts of slaughtered land animals at 0.5 percent, fish and other seafood at 5.8 percent and milk, other dairy products and eggs at 16.8 percent.
Following the trend at the regional level, the inflation rate in the seven provinces and two highly urbanized cities in the region also posted lower annual increments in May except for Bulacan which posted an increase of 0.2 percentage points from 8.1 percent in April and Olongapo City at 5.3 percent translating to 0.4 percentage point higher from 4.9 percent in April.
Among the provinces in Central Luzon, Bulacan and Pampanga both recorded the highest inflation at 8.3 percent in May.
Nueva Ecija, on the other hand, posted the lowest inflation at 3.5 percent.
Evelyn Nacario-Castro, assistant regional director of the National Economic Development Authority in Central Luzon (NEDA-3), has cited the important role of the Central Luzon Regional Regional Development Plan 2023 – 2028 to stabilize the prices of basic goods and services in the economy, sustain the improving labor market situation, alleviate poverty and accelerate rebound from the pandemic.
She said the implementation of the Central Luzon Regional Development Plan 2023-2028 with strategies is designed to bring about economic and social transformation. (PNA)
