Thursday, June 10, 2004
Cebu City inflation at 5.1%
PRICES in Cebu City increased significantly as indicated by the inflation rate of 5.1 percent in April, up from just 2.9 percent in the same month last year.
The provincial office of the National Statistics Office (NSO) attributed the spike in prices mainly to the increase in the prices of food and beverages, especially fruits and vegetables, fish and meat, from last year.
The inflation rate measures the rate of change in prices as computed from the consumer price index (CPI). The CPI measures the price of a fixed basket of goods bought by a typical consumer, including food, transportation, shelter, utilities, clothing, medical care, entertainment and other items.
Since the CPI rose to 198.5 in April 2004 from 188.9 in April 2003, the increase of 9.6 points indicates the rate of inflation of 5.1 percent over the year.
For the whole Central Visayas, the inflation rate in April was just 3.8 percent, lower than the 3.9 percent level of a year ago, the NSO 7 office said.
Siquijor registered the highest inflation rate among the provinces in the region at 6.9 percent, followed by Cebu and Bohol with 3.7 percent, and Negros Oriental with 2.6 percent. CTL
(June 10, 2004 issue)
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