INFLATION. The Central Luzon inflation rate climbed to 8.8 percent in November from 8.4 percent in October 2022, based on the latest report of the Philippine Statistics Authority-Regional Statistical Services Office (PSA-RSSO) III. Central Luzon ranked fourth among regions primarily due to a higher annual increment in the index of food and non-alcoholic beverages. (Infographic courtesy of PSA)
CITY OF SAN FERNANDO, Pampanga – The inflation rate in Central Luzon has continued to rise to 8.8 percent in November from 8.4 percent in October 2022, based on the latest report of the Philippine Statistics Authority-Regional Statistical Services Office (PSA-RSSO) III.
This is the highest inflation recorded in the region since December 2008.
Central Luzon ranked fourth among regions with Davao registering the highest inflation at 9.7 percent followed by Western Visayas at 9.6 percent.
Meanwhile, the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) recorded the lowest inflation at 6.0 percent.
The headline inflation in the Philippines also went up to 8.0 percent in November from 7.7 percent in October. This is also the highest recorded inflation since November 2008.
In her report, PSA-RSSO III Regional Director Arlene Divino said the uptrend in inflation for November was primarily influenced by a higher annual increment in the index of food and non-alcoholic beverages at 10.2 percent from 9.4 percent in October.
“The food group remains the major driver of higher inflation, pushed by the price increase in vegetables wherein the region’s agricultural sector was affected by typhoons that hit the country in October,” Divino said in a television interview on Monday.
This was followed by the index of transport at 15.3 percent from 13.6 percent in October and the index of restaurants and accommodation services at 3.9 percent from 2.9 percent in October.
Higher annual increments were also noted in the following indices –alcoholic beverages and tobacco at 14.5 percent; clothing and footwear at 4.8 percent; personal care and miscellaneous goods and services at 4.8 percent; recreation, sports and culture at 4.1 percent; furnishings, household equipment and routine household maintenance at 4.0 percent and health at 2.9 percent.
On the other hand, a lower annual increment was recorded in the index of housing, water, electricity, gas and other fuels at 9.0 percent from 10.7 percent in October.
Meanwhile, the same rate of increase as that of the previous month was observed in the indices of education services at 1.7 percent; information and communication at 0.5 percent.
Al Jonnel Espiritu, the economic development specialist of National Economic Development Authority Region 3, said various interventions were being implemented to manage the supply and prices of basic commodities.
Espiritu said these include the Kapatid Mentor Micro Entrepreneurs – Money Market Encounter of the Department of Trade and Industry 3, the National Fish Broodstock Development Program and Fuel Subsidy Program of the Bureau of Fisheries and Aquatic Resources 3 and the High-Value Crops Development Program of the Department of Agriculture 3.
He said protecting the purchasing power, particularly for food, is a major objective in the strategic framework of the Central Luzon Regional Development Plan 2023-2028. (PNA)
