LOWER INFLATION. The Philippine Statistics Authority (PSA) 5 (Bicol) reports on Thursday (Oct. 10, 2024) that the inflation rate in the region slowed down from 4.2 percent in August to 2.8 percent in September. PSA-5 Regional Director Cynthia Perdiz traced the decline primarily to decreased prices of food and non-alcoholic beverages. (Screenshot from PSA-5 video)
LEGAZPI CITY – The inflation rate in Bicol region slowed down to 2.8 percent in September from 4.2 percent in August, the Philippine Statistics Authority (PSA) 5 (Bicol) said Thursday.
Based on the summary inflation report showed during a press conference at the agency's regional office here, PSA-5 Regional Director Cynthia Perdiz said the average inflation rate from January to September 2024 reached 3.7 percent.
She attributed the downtrend to the slower rise in prices of food and non-alcoholic beverages, which was at 2.4 percent compared to 5.4 percent the previous month.
"Ito ay may 87.7 percent share sa pangkalahatang inflation sa rehiyon. Ang pangunahing nag-ambag sa food and non-alcoholic beverages ay ang mas mabagal na pagtaas ng presyo ng cereal products na may 9 percent inflation, particularly rice (It has an 87.7 percent share to the overall inflation in the region. The main contributor to food and non-alcoholic beverages is the slower increase in the price of cereal products with 9 percent inflation, particularly rice)," Perdiz said.
She said the second factor was the slower price increase in the transport sector, which posted 0.8 percent inflation compared to 2.6 percent last August.
"With 8.4 percent shares to the downtrend in inflation in the region, ang nag-ambag ng malaki sa pagbagal ng inflation ng transport ay ang mas mabilis na pagbaba ng presyo ng gasolina at diesel (A big factor that contributed to the slowdown in transport inflation is the faster decline in gasoline and diesel prices)," Perdiz said.
She said among the six provinces in the region, Camarines Sur had the highest inflation rate at 4.6 percent, while Camarines Norte recorded the lowest at 0.3 percent. Albay posted an inflation rate of 2 percent; Masbate, 3.9 percent; Catanduanes, 2.7 percent; and Sorsogon, 1 percent.
Inflation is measured as the annual rate of change in the consumer price index (CPI), expressed as a percentage. (PNA)
