BY GEROME DALIPE IV
ILOILO City – Inflation in Western Visayas continued to increase, data released yesterday by the Philippine Statistics Authority (PSA) in Region 6 showed.
A special release on summary inflation stated the region’s inflation rose to 3.1 percent in March 2024, from 2.7 percent in February 2024.
The region posted an average inflation of 2.6 percent from January to March 2024. The inflation rate in March 2023 was higher at 9.1 percent.
The higher annual increase in the index of food and non-alcoholic beverages at 5.5 percent inflation in March 2024 from 4.6 percent in the previous month was among the factors to the inflation in the region in March 2024.
Likewise, a faster increase in the transport index at 2.4 percent during the month from – 0.4 percent in February 2024 contributed to the inflation hike in the region.
Higher inflation rates were also noted in the indices of health at 3.1 percent while information and communication at 1.1 percent in March from their inflation rates of 2.9 percent and 0.7 percent in February, respectively.
The top three commodity groups that contributed to the inflation hike last month were food and non-alcoholic beverages with 75.6 percent share, or 2.34 percentage points.
On the other hand, restaurants and accommodation services logged a 9.6 percent share or 0.30 percentage points while transport posted a 6.7 percent share, or 0.21 percentage points.
Faster annual growth in the index of cereals and cereal products at 15.1 inflation rate in March 2024 from 14.1 percent in February 2024 contributed to an increase of food inflation this year.
Vegetables, tubers, plantains, cooking bananas, and pulses food group registered a slower annual decline at -10.6 percent inflation rate in March 2024 from -13.6 percent in February 2024.
Meat and other slaughtered land animals contributed to the inflation hike with a 12.7 percent inflation rate this month from 11.8 in the previous month.
The PSA also noted higher inflation rates in milk, eggs and other dairy products at 3.8 percent from 3.5 percent, and fruits and nuts at 6.3 percent from 6.2 percent.
Five of the six provinces in Western Visayas registered an uptrend in inflation rates in March 2024 from February 2024.
Guimaras posted the highest inflation rate of 7.2 percent, while Negros Occidental had the lowest at 2.3 percent.
Iloilo City’s inflation rate increased by 0.7 percent from 0.4 percent in February 2024, while Bacolod City’s inflation rate is at 3.3 percent from 3.1 percent in February.
In February this year, the PSA-6 reported the inflation rate in Western Visayas rose to 2.7 percent from 2.0 percent in January 2024.
The regional average inflation from January to February this year is at 2.3 percent. The inflation rate in February 2023 was higher at 10.8 percent.
Inflation refers to the rate at which the general level of prices for goods and services is rising, leading to a decrease in purchasing power. Hence, a high inflation rate means that prices are rising rapidly./PN
