(Infographic courtesy of PSA Bicol)
LEGAZPI CITY – The Philippine Statistics Authority 5 (PSA Bicol) reported on Tuesday that the inflation rate in the region slowed down from 3.1 percent in January to 2.9 percent in February.
Based on the summary inflation report, PSA Regional Director Cynthia Perdiz said the February 2023 inflation in the region was 8.8 percent while the inflation rate from January to February 2024 is an average of 3.0 percent.
"The downtrend in the overall inflation in February 2024 was primarily influenced by the faster annual decrease of housing, water, electricity, gas, and other fuels with 81.6 percent share to the downward in inflation. Also contributing with 12.4 percent share to the downtrend was restaurants and accommodation services which slowed down to 4.5 percent during the month from 5.8 percent in January 2024," Perdiz said.
She said health services also contributed to the overall inflation in the region with a 2.1 percent share of the downtrend.
Perdiz said the top three commodity groups contributing to the February overall inflation were food and non-alcoholic beverages, restaurants and accommodation services, and alcoholic beverages and tobacco.
Meanwhile, food inflation at the regional level rose to 6.4 percent in February from 5.8 percent in January this year.
"The slower decrease in vegetables, tubers, plantains, cooking bananas, and pulses mainly brought about the acceleration of food inflation in February 2024. Meat and other slaughtered land animals index recorded a 0.4 percent annual increment during the month from -0.7 percent in January 2024," Perdiz said.
PSA data showed the provincial inflation rates of the six provinces in Bicol region as: Albay--2.5 percent; Camarines Sur--3.4; Sorsogon --0.3 percent; Catanduanes--4.6 percent; Masbate--4.4 percent and Camarines Norte--3.2 percent.
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)
