ILOILO CITY: The downtrend movement of prices in Western Visayas continued as it records a 3.2 percent overall inflation rate in December 2023 from 4 percent of the previous month, the Philippine Statistics Authority (PSA) said.
A special report furnished to the Philippine News Agency on Thursday showed that the overall inflation rate was the lowest since the 2.8 percent rate recorded in January 2021.
‘The inflation rate in December 2022 was higher at 10.5 percent. Regional average inflation from January to December 2023 is at 6.9 percent,’ it said.
The report identified food and non-alcoholic beverages, restaurants and accommodation services, and alcoholic beverages and tobacco as the top commodities contributing to the inflation with 2.9 percentage points, 0.43 percentage point, and 0.2 percentage point, respectively.
The report further cited as the main drivers to the deceleration the faster annual decrease in the index of housing, water, electricity, gas, and other fuels at -5.8 percent from -3.1 perc
ent; food and non-alcoholic beverages with 7 percent from 8 percent; and personal care, and miscellaneous goods and services with 3.5 percent inflation rate from 4.1 percent in the previous month.
It also noted lower inflation rates in alcoholic beverages and tobacco; clothing and footwear; recreation, sport, and culture; and information and communication.
Among provinces, only Antique had accelerated inflation at 4.5 percent from 4.4 percent, while the rest had decelerated.
Aklan posted a 3.9 percent inflation rate in December from 4 percent in the previous month; Capiz at 4 percent from 5.5 percent; and Guimaras at 5.5 percent from 5.8 percent.
Inflation rate in Iloilo also slowed down to 2.7 percent from 3.2 percent, and Negros Occidental from 4.7 percent to 3.5 percent.
Among highly urbanized cities, Iloilo City’s inflation rate slowed down to -0.7 percent from 1.6 percent, while Bacolod City recorded 4 percent from 4.2 percent.
Source: Philippines News Agency
