LEGAZPI CITY – The Philippine Statistics Authority (PSA) 5 (Bicol) reported on Thursday that the inflation rate in the region slowed down from 4.7 percent in October to 4.5 percent in November.
In a press conference, Danilo Luceño, PSA-5 statistical operations and coordination division chief, also said Bicol's inflation rate was 7.5 percent during the same month last year.
"Our report of inflation decelerated from 4.7 percent last month to 4.5 percent for November. We are nearing the target of the Bangko Sentral ng Pilipinas which is 2 (percent) to 4 percent," Luceño said.
He said the main contributors to the downward trend of overall inflation were the slower price increases in housing, water, electricity, gas, and other fuels.
"The food and non-alcoholic beverages with a slower inflation rate of 7.9 percent in November from 8.0 percent in October also contributed to the downtrend of the overall inflation," he said.
Luceño said the top three commodity groups contributing to the November overall inflation were food and non-alcoholic beverages, restaurants and accommodation services, and alcoholic beverages and tobacco.
"The food inflation at the regional level maintained its rate at 8.3 percent," he 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)