LOWER INFLATION. The Philippine Statistics Authority (PSA) says on Thursday (Aug. 8, 2024) that the inflation rate in Western Visayas slowed down to 4.8 percent in July from 4.9 percent in June. However, Statistical Specialist II Miguel S. Gallego said the inflation rate might bounce back in August because of the increase in electricity prices. (Photo screengrab from PSA live streaming)
ILOILO CITY – The July inflation rate in Western Visayas slowed down to 4.8 percent from 4.9 percent in June, the Philippine Statistics Authority (PSA) reported Thursday.
At a press conference, Statistical Specialist II Miguel S. Gallego said the inflation rate is also lower when compared with the 5.8 percent recorded in July 2023.
“The average inflation rate from January until July 2024 was recorded at 3.7 percent,” he said.
He attributed the improved inflation to the slow increase in the prices of housing, water, electricity, gas, and other fuel commodity group with a 1.1 percent rate when compared with the 2.7 percent in the preceding month, with the decline in prices of electricity from 3.0 percent to -4 percent as the highest contributor.
Gallego explained the adjustment in electricity rates, particularly in Iloilo City, where it was lower, offset, or pulled down the higher rate in other areas in the region, thus the slower inflation for electricity.
The commodity group contributed a 95.2 percent share to the downtrend inflation.
“Probably, in our August data, our inflation will bounce back because there was an increase in electricity prices this month. We could not also discount the possible increase in our commodity group, particularly in agricultural products and fuel,” he added.
Also contributing to the lower inflation was the health commodity group, with a 2.5 percent inflation, and the decline in outpatient dental services to 3.4 percent from 5.5 percent in June as the main contributor.
The alcoholic beverages and tobacco commodity group, with its 3.1 percent growth rate from 3.3 percent in June, was the third biggest contributor to the headline inflation fuelled by the slow growth of tobacco at 2.9 percent from 3.1 percent and alcoholic beverages that recorded a 4.3 percent growth rate from 4.5 percent.
Health shares 2.3 percent, while the alcoholic beverages and tobacco commodity group has a 1.6 percent contribution to the overall inflation.
However, the major contributors to the overall inflation included food and non-alcoholic beverages with 7 percent inflation, transport with 4.1 percent, and restaurants and accommodation services at 5.8 percent.
Among the provinces, Guimaras has the highest inflation at 6.8 percent from 6.2 percent, while Iloilo has the lowest at 4.0 percent from 5. 0 percent.
For highly urbanized cities, Iloilo City recorded a lower inflation rate at 1.8 percent from 2.2 in June, while Bacolod City has 6.2 percent from 6.1 percent in June. (PNA)
