DOWNTREND. The headline rates for all items in Western Visayas from January 2023 to January 2024. PSA Western Visayas chief statistical specialist Nelida Amolar, in an interview on Tuesday (Feb. 13, 2024), said the downward trend will have an effect on the purchasing power of the peso. (Photo screenshot from PSA report)
ILOILO CITY – The inflation rate in Western Visayas continued on a downward trend, registering 2 percent in January from 3.2 percent in December 2023, a report from the Philippine Statistics Authority (PSA) showed.
The 2 percent rate is the lowest since November 2019, when the inflation rate registered at 1.3 percent. It is also lower than the 10.3 percent rate in January 2023.
The rate is even lower than the national average of 2 percent, said PSA Western Visayas chief statistical specialist Nelida Amolar in an interview on Tuesday.
“The downward trend will have an effect on the purchasing power of our peso. Meaning, the value of our money will be higher,” she added.
The highest contributor to the lower inflation rate is the food and non-alcoholic beverages with its 4.2 percent rate last month from 7 percent in December of 2023.
Other contributors are the slow movement in prices of alcoholic beverages and tobacco; furnishings, household equipment, and routine household maintenance; health; transport; information and communication; recreation, sport, and culture; restaurants and accommodation services; and financial services.
Amolar said among the food groups, only cereals recorded increased inflation while the rest are on a downward trend.
She said the decline can be attributed to the efforts of the government to address the inflation.
“Government agencies performed a lot to minimize the inflation,” she added.
The PSA data also showed that all highly urbanized cities and provinces in the region recorded a deceleration in inflation rates with Iloilo City registering a -1.1 percent inflation rate in January from the -0.7 percent in December last year.
Among provinces, Guimaras registered 4.6 percent, the highest, while Iloilo province was the lowest at 1.2 percent.
“It is a good sign that the economy is doing well,” Amolar said. (PNA)
