CENTRAL Visayas' headline inflation slowed to 8.7 percent in July from 10.1 percent in June as price increases eased across major commodity groups, particularly food and transport.
Data released by the Philippine Statistics Authority (PSA) on Wednesday, August 5, showed inflation for food and non-alcoholic beverages, the region's largest expenditure group, slowed to 10.7 percent in July from 14.1 percent in June.
Transport inflation also eased to 14.7 percent from 16.8 percent a month earlier, contributing to the slower increase in consumer prices.
Inflation likewise moderated in several commodity groups, including clothing and footwear (3.6 percent from 4.4 percent); furnishings, household equipment and routine household maintenance (seven percent from 7.2 percent); information and communication (0.7 percent from 1.1 percent); recreation, sport and culture (3.8 percent from 4.1 percent); education services (2.1 percent from 2.7 percent); and personal care and miscellaneous goods and services (3.4 percent from 3.8 percent).
Meanwhile, inflation for housing, water, electricity, gas and other fuels accelerated to 6.6 percent in July from 5.6 percent in June.
Other commodity groups posted unchanged inflation rates, with health at 3.7 percent, restaurants and accommodation services at 11.1 percent, and financial services at zero percent.
Despite the slower inflation rate, however, Central Visayas remained among the regions with the highest inflation rates in the country.
National inflation slows
Meanwhile, national headline inflation slowed down to 6.2 percent in July from 6.4 percent in June.
This latest print was within the Bangko Sentral ng Pilipinas' forecast range of 5.6 percent to 6.6 percent.
The deceleration was mainly driven by slower transport inflation, which eased to 11.9 percent in July from 12.8 percent in June as fuel prices declined and supply conditions improved.
Year-to-date national inflation averaged five percent.
Food inflation held steady at 5.3 percent as lower meat prices and slower increases in vegetable prices offset faster rice inflation.
"Every peso saved from slower price increases means more room in the family budget for food, transport, education and other essential needs," Department of Economy, Planning, and Development Secretary Arsenio Balisacan said in a statement.
"While challenges remain, particularly in managing food price pressures, these results show that our interventions are making a difference in easing the impact on Filipino households," he added.
Among the measures supporting price stability are government fuel assistance programs.
As of July 24, P2.09 billion, or 84 percent of the P2.5-billion Fuel Subsidy Program, had been released to 498,570 public utility vehicle operators. Meanwhile, P356.1 million in fuel assistance had been disbursed to 89,551 public utility vehicle drivers under the P10-per-liter Fuel Subsidy Program.
To strengthen food security, the Department of Agriculture is set to complete 380 mechanical drying systems by 2027 to expand post-harvest capacity, reduce grain losses, improve rice quality and boost domestic rice supply.
The government also plans to expand the distribution of seeds and fertilizer in water-abundant rice-producing areas in Southern Luzon, the Visayas and Mindanao while continuing assistance to drought-affected farmers to minimize production losses. (KOC)
