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Tuesday, March 14, 2006
Prices of prime commodities soar
THE prices of basic commodities and services in the Soccsksargen region increased by at least 5.8 percent since last year due to the series of increases in petroleum products and the implementation of the expanded value-added tax (VAT).
A report from the National Statistical Coordination Board of the region showed that it posted an inflation rate of 5.8 percent as of last January.
The inflation measures the year-on-year rate of increase in the prices of basic commodities.
"An inflation of 5.8 percent means that prices of commodities and services in January 2006 are 5.8 percent higher than their prices a year ago," the board stressed.
By commodity group, fuel, light, and water reportedly registered the highest inflation at 10.2 percent.
They attributed the high inflation to the series of increases in the prices of petroleum products and its by-products as well as the imposition of the 10 percent VAT on electricity and water consumption.
The board noted that service fees also increased by 7.8 percent while the prices of food, beverages and tobacco went up by 6 percent. Clothing and footwear items rose by 3.9 percent and miscellaneous expenses by 3.4 percent.
Housing and repairs posted minor price movements, reaching only 0.6 percent during the entire year.
Despite this trend, the board reported that the region posted a high employment rate of 94.7 towards the end of 2005.
It said the region's working age population, considered at 15 years old and above, reached 2.385 million.
The number of persons with work and of those available for work was estimated at 1.596 million or 66.9 percent of the total population 15 years old and over.
In terms of unemployment rate, the region posted 5.4 percent or an estimated 86,000 persons.
The board said the number of employed persons who wanted additional work reached 459,000 while the underemployment rate reached 30.4 percent, the second highest among Mindanao regions.
Northern Mindanao region had the highest underemployment rate in Mindanao at 34.4 percent. The national underemployment rate was pegged only at 21.2 percent. (Allen V. Estabillo)
For Bisaya stories from General Santos.Click here. (This section is updated every Monday)
(March 13, 2006 issue)
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