Central Visayas’s inflation remains at 3.2% in April

Central Visayas
Central VisayasFile

CENTRAL Visayas posted a steady inflation rate of 3.2 percent in April, according to the Philippine Statistics Authority-Central Visayas (PSA 7) on Wednesday, May 15, 2024.

Despite the “no movement” in the average prices of goods and services, PSA 7 Director Ariel Florendo pointed out that the region’s inflation rate for the month remains high compared to the 2.7 percent recorded in February and 2.5 percent in January. However, it is lower than the country’s headline inflation of 3.8 percent and the region’s April 2023 inflation rate of 5.5 percent.

A steady inflation rate suggests economic stability.

“The inflation with stability, that’s good because stable man siya … The fact that it is stable, that is good for the economy,” Florendo said.

Inflation is the gradual rise in prices of goods and services, which reduces the purchasing power of a currency, according to PSA 7. It reflects the percentage change in the average price level of goods and services over time, making money worth less as each unit buys fewer goods and services.

According to Florendo, the top three main contributors to the overall regional inflation were food and non-alcoholic beverages at 61.5 percent; restaurants and accommodation services at 12.4 percent; and housing, water, electricity, gas and other fuels at 8.4 percent.

Among the 13 major commodity groups, Florendo said food and non-alcoholic beverages and information and communication recorded higher annual increases in the inflation rate compared to March 2024 at five percent and 0.5 percent, respectively.

However, other commodity groups recorded slower annual increases, such as alcoholic beverages and tobacco to 8.4 percent from 9.4 percent; clothing and footwear (2.1 percent from 2.3 percent); furnishings, household equipment, and routine household maintenance (2.7 percent from 2.9 percent); health (4.3 percent from 4.7 percent); transport (-1.4 percent from 1.7 percent); restaurants and accommodation services (4.3 percent from 4.4 percent); and personal care and miscellaneous goods and services (4.4 percent from 4.7 percent.)

Meanwhile, food inflation at the regional level rose to 5.2 percent in April 2024 from 4.2 percent in March 2024. But this is slightly lower in April 2023, at 6.9 percent.

The main drivers of food inflation include a faster year-on-year increase in vegetables, tubers, plantains, cooking bananas, and pulses index at 1.7 percent in April from -9.5 percent in March. This was followed by fish and other seafood at -2.1 percent in April versus -3.6 percent in March. Cereals and cereal products, which include rice, corn, flour, bread, and other bakery products, pasta products, and other cereals recorded a 9.5 percent increase in April from the 9.3 percent in March. / EHP

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