FRESH PICKS. A stall at the Legazpi Public Market in Legazpi City sells fresh vegetables on Thursday (Nov. 9, 2023). The Philippine Statistics Authority (PSA) in Bicol reported that the inflation rate in the region went down from 5.6 percent in September to 4.7 percent in October this year. (PNA photo by Connie Calipay)
LEGAZPI CITY – The Philippine Statistics Authority (PSA) in Bicol reported on Thursday the inflation rate in the region eased from 5.6 percent in September to 4.7 percent in October this year.
Based on the summary inflation report, the October 2023 inflation in the region was lower than the 7.2 percent during the same month last year. The inflation rate from January to October 2023 averaged 6.1 percent.
"Ang pangunahing dahilan ng mas mababang antas ng inflation ng October 2023 ay ang mas mabagal na pagtaas ng presyo ng food and non-alcoholic beverages (The main reason for the lower inflation rate of October 2023 is the slower price increase of food and non-alcoholic beverages)," PSA Regional Director Cynthia Perdiz said in a press conference.
Perdiz said the top three commodity groups contributing to the October overall inflation were food and non-alcoholic beverages, restaurants and accommodation services, and clothing and footwear.
"Food inflation at the regional level slowed down to 8.3 percent in October from 10.7 percent in September. The lowered food inflation was primarily influenced by lower increases in prices of vegetables, tubers, plantains, cooking bananas, and pulses at 17.8 percent for October from 38.9 percent in September 2023. This was followed by rice with an inflation rate of 15.5 percent from 18.2 percent," she said.
Inflation is the annual rate of change or the year-on-year change of the consumer price index expressed in percentage and is interpreted in terms of the declining purchasing power of money. (PNA)
