MANDAUE City had the highest inflation rate at 7.3 percent in May 2024 among major cities and provinces in Central Visayas, according to the Philippine Statistics Authority (PSA) Cebu.
Lapu-Lapu City placed second with an inflation rate of 5.8 percent, followed by Cebu City with 5.7 percent and Bohol Province with 5.1 percent.
Negros Oriental’s inflation was 3.6 percent, while Siquijor’s was 3.8 percent.
Cebu Province recorded the lowest inflation rate in May at 2.3 percent.
Inflation refers to the gradual increase in prices of goods and services over time, decreasing the purchasing power of currency.
The PSA Cebu said on Thursday, June 13, that Mandaue City’s inflation rate in May slowed down from 7.6 percent in April this year.
In a year-on-year comparison, the city logged only a 2.7 percent inflation rate in May 2023.
However, the PSA Cebu said this is not the case with the provinces of Cebu and Bohol and the cities of Cebu and Lapu-Lapu, as their inflation rate increased in May from the previous month.
In April, Cebu Province logged 0.2 percent; Bohol, 4.3 percent; Cebu City, 4.6 percent; and Lapu-Lapu City, 5.5 percent.
Negros Oriental’s inflation rate decreased in May from 4.7 percent in April.
Siquijor Province’s inflation rate remained at 3.8 percent in April and May.
Negros Oriental and Siquijor are now part of the provinces comprising the Negros Island Region together with Negros Occidental (including Bacolod City), following the signing into law of Republic Act 12000 on June 13.
Cebu and Bohol are the two remaining provinces under Central Visayas.
Melchor Bautista, PSA Cebu’s chief statistical specialist, said in a press conference Thursday that the downward trend of Mandaue City’s inflation rate in May was influenced by the decrease in inflationary pressure from food and non-alcoholic beverages, housing, water, electricity, gas and other fuels and alcoholic beverages and tobacco.
The increase in Cebu City’s rate was driven by food and non-alcoholic beverages, housing, water, electricity, gas and other fuels and transport.
Lapu-Lapu City’s increase was propelled by food and non-alcoholic beverages, housing, water, electricity, gas and other fuels, transport, personal care and miscellaneous goods and services.
As for Cebu Province, its inflation rate increase was driven by food and non-alcoholic beverages, housing, water, electricity, gas and other fuels and transport.
Bautista said the increase in the inflation rate under food and non-alcoholic beverages for the province of Cebu and Cebu City might have been influenced by the damage caused by the El Niño phenomenon.
However, he said a series of fiesta celebrations, including graduation ceremonies and other special events in May, could have affected the supply and demand of foods and basic commodities.
Regarding transport, Bautista said that higher diesel and gasoline prices likely impacted the inflation rate, especially for public utility vehicles. / EHP