ILOILO City – Headline inflation in Western Visayas fell to 3.4 percent in September 2024 from 4.9 percent in August, the Philippine Statistics Authority (PSA) Region 6 reported.
The regional average inflation rate from January to September this year is 3.8 percent – lower that the 6.6 percent recorded in the same month last year.
The deceleration in the region’s inflation rate last month was mainly due to the slower annual growth in the index of Food and Non-Alcoholic Beverages, which was noted at 3.3 percent during the month from 6.2 percent in the previous month. Transport was the second top contributor to the downtrend, which had -2.1 percent inflation in September from 0.7 percent in August.
Additionally, lower inflation was noted in the Education Services index, at 8.1 percent from 10.3 percent; Alcoholic Beverages and Tobacco at 3.3 percent from 3.7 percent; Recreation Sports and Culture at 3.8 percent from 4.2 percent; Restaurants and Accommodation Services at 6.1 percent from 6.2 percent, and Personal Care and Miscellaneous Goods and Services at 2.8 percent from 3.2 percent in the preceding month.
In contrast, higher inflation rates were noted in the following commodity groups during the month: Clothing and Footwear, 3.8 percent from 3.6 percent; Furnishings, Household Equipment, and Routine Household Maintenance, 2.5 percent from 2.4 percent; and Health, 3.1 percent from 3.0 percent.
The indices of Housing, Water, Electricity, Gas, and other Fuels recorded inflation rates of 5.6 percent, Information and Communication at 0.9 percent, and Financial Services at -1.0 percent, which were similar to the previous month’s annual growth.
The top three commodity groups contributing to the region’s headline inflation rate are the following:
* Food and Non-Alcoholic Beverages with 41.2 percent share or 1.40 percentage points;
* Housing, Water, Electricity, Gas, and other fuels with 30.8 percent share or 1.05 percentage points, and
* Restaurants and Accommodation Services with 11.1 percent share or 0.38 percentage point
Food inflation, meanwhile, declined to 3.4 percent in September from 6.5 percent in August.
The downtrend was due to lower annual growth in the index of Vegetables, Tubers, Plantains, Cooking Bananas, and Pulses, with -8.9 percent inflation rate in September from 2.4 percent in August. This was followed by Cereals and Cereal Products, with 9.9 percent inflation rate from 12.1 percent in August. Meat and other parts of the slaughtered land animals’ food group also contributed to the downtrend with 8.0 percent inflation rate.
Lower inflation rates were also noted in Fish and other seafood at -4.5 percent from -2.7 percent; Oils and fats at -1.8 percent from -1.7 percent; Fruits and Nuts from 9.2 percent from 11.0 percent, and Ready-made food and other food products n.e.c. at 6.0 percent from 6.6 percent.
However, higher inflation rates were observed in the index of Sugar, Confectionery, and Desserts, at -3.8 percent from -4.0 percent. On the other hand, the index of Milk and other dairy products remained unchanged at 3.5 percent inflation from the previous month.
Inflation Rate for the Bottom 30% Income Households
The inflation rate for the bottom 30% income households in the region decelerated to 4.0 percent in September from 5.9 percent in August. This was higher than the 7.9 percent in September 2023.
The downtrend was primarily brought about by the slower annual growth in the index of Food and Non-Alcoholic Beverages at 3.9 percent last month. This was followed by Transport with lower annual growth of -4.1 percent inflation rate from -1.3 percent in the previous month. The Recreation, Sport, and Culture commodity group, with a lower inflation rate of 5.5 percent during the month from 6.9 percent in August, also contributed to the downtrend.
Meanwhile, all provinces in Western Visayas recorded a deceleration in inflation rates from August to September.
Aklan had the lowest monthly inflation rate at 2.3 percent while Guimaras had the highest at 4.7 percent.
Both highly urbanized cities in the region also recorded a downtrend in their inflation. Iloilo City’s monthly inflation rate is at 2.8 percent from 3.7 percent in August, and Bacolod City at 3.9 percent from 5.7 percent in the previous month./PN
