INFLATION. Western Visayas' inflation rate in October is down to 5.5 percent from 6.6 percent in September, according to the report of the Philippine Statistics Authority on Thursday (Nov. 9, 2023). The drop was attributed to the decline of prices of food and non-alcoholic beverages. (PNA file photo by PGLena)
ILOILO CITY – The decline in prices of food and non-alcoholic beverages contributed to the slowing down of the inflation rate in Western Visayas, at 5.4 percent in Oct. 2023 against September’s 6.6 percent rate, a Philippine Statistics Authority (PSA) report showed.
The movement in food prices went down to 9.2 percent from 10.8 percent in September mainly due to the lower rate of cereals and cereal products at 7.1 percent from 10.7 percent in the previous month, PSA Regional Statistical Services Office 6 (PSA RSSO Western Visayas) officer-in-charge Nelida Amolar said in an interview on Thursday.
Vegetables, tubers, cooking bananas, and pulses commodity (grain legumes) group registered 19.2 percent, while the fish and other seafood group had 9.1 percent versus the 23.4 percent and 10.5 percent rates in September, respectively.
Food and non-alcoholic beverages contribute 70.1 percent share or 3.8 percentage points to the region’s 5.4 percentage points.
Other contributors included restaurants and accommodation services with an 11.1 percent share or 0.6 percentage points, and alcoholic beverages and tobacco with a 5.2 percent share or 0.3 percentage points.
Amolar attributed the deceleration to the various interventions like social benefits from the government to mitigate the rise in inflation.
“That is a good indication that the economy is growing and the government performs,” she said.
However, she said the scarcity of poultry and pork products because of the African swine fever (ASF) and bird flu affecting supply caused the hike in prices of meat and other slaughtered animals.
The inflation rate for meat and other parts of slaughtered animals was at 8.9 percent from 6.9 percent in September; fruits and nuts with 8.7 percent from 6.8 percent in the previous month; whole milk, other dairy products, and eggs remained at 8.2 percent.
On a month-on-month basis, the inflation rate in October was the lowest this year, showing a declining trend, while the highest was 10.8 percent in February.
Except for Negros Occidental, which registered a higher inflation rate of 7.8 percent, the five other provinces recorded deceleration, with Iloilo as the lowest at 3.7 percent.
Of the two highly urbanized cities, the inflation rate in Iloilo City slowed down to 2.7 percent from 6.3 percent, while Bacolod City retained its September rate of 6.4 percent. (PNA)
