BY GEROME DALIPE IV
ILOILO City – Inflation rates in Capiz, Guimaras, and Iloilo rose last month from April 2024, data released by the Philippine Statistics Authority (PSA) Region 6 showed.
Among the three provinces, the island province of Guimaras posted the highest monthly inflation rate of 7.0 percent in May 2024, the PSA-6’s summary inflation report on the Consumer Price Index in Western Visayas for May 2024 stated.
Iloilo Province followed Guimaras at 4.7 percent while Capiz recorded a 4.4 percent in May 2024.
The remaining three provinces of Aklan, Antique, and Negros Occidental had lower inflation rates compared to April 2024, with Negros Occidental recording the lowest at 4.2 percent.
Both highly urbanized cities in the region recorded upward inflation rates last month. Iloilo City’s monthly inflation rate is 1.3 percent from 0.8 percent in April 2024, and Bacolod City at 4.5 percent from 3.9 percent in April.
Likewise, inflation, or the increase in prices of goods and services over time, in Western Visayas increased further to 4.3 percent in May 2024, from 4.1 percent in April 2024, the PSA-6 reported.
The regional average inflation rate from January to May 2024 is 3.2 percent. In May 2023, the inflation rate was higher at 7.1 percent, the agency stressed.
Western Visayas’ inflation rate hike in May 2024 was mainly due to the slower decline in the index of housing, electricity, gas, and other Fuels at -0.3 percent last month from -2.2 percent in April 2024.
The transport sector is also the second top contributor to the inflation rate increase with 3.8 percent inflation in May, from 3.1 percent in April 2024.
The PSA-6 also recorded a higher inflation rate in the indices of clothing and footwear at 3.1 percent and restaurants and accommodation services at 5.5 percent in May 2024.
Meanwhile, the top three commodity groups that contributed to the Western Visayas inflation rate of 4.3 percent in May 2024 were food and non-alcoholic beverages with a 69.0 percent share or 2.97 percentage points.
Restaurants and accommodation services had a 7.9 percent share or 0.34 percentage points, while the transport sector had a 7.7 percent share or 0.33 percentage points.
The PSA-6 also reported that food inflation in Western Visayas slowed down to 7.3 percent in May 2024 from 7.5 percent in April 2024. Food inflation in May 2023 was recorded at 8.8 percent.
The decrease of food inflation in May 2024 was due to slower annual growth in the index of meat and other parts of slaughtered land animals with an 11.2 percent inflation rate in May 2024 from 12.5 percent in April 2024.
The cereals and cereal products food group had a 15.7 percent inflation rate from 16.0 percent in April. The fruits and nuts food group also contributed to the inflation decrease with a 3.6 percent inflation rate in May from 6.1 percent in April./PN
