Inflation, or the rate of increase in the prices of goods and services, in Western Visayas (WV) eased slightly but remained the highest in the country.
Based on data from the Philippine Statistics Authority (PSA-6), WV or Region VI registered an inflation rate of 10.3 percent in the first month of 2023.
The figure was lower compared to 10.5 percent in December 2022. The slowdown was logged after 10 consecutive months of acceleration.
According to PSA-6, the deceleration was primarily due to the decline in prices of food and non-alcoholic beverages in the region.
Commodity groups Food and Non-alcoholic Beverages decreased to 10.6 percent from 11.1 percent.
Central Luzon or Region III had the second-highest inflation rate at 9.8 percent and followed by Davao Region (Region XI) at 9.4 percent.
On the other hand, Eastern Visayas or Region VIII posted the lowest inflation rate at 6.9 percent, followed by Central Visayas (Region VII) at 7.2 percent and SOCCSKSARGEN (Region XII) at 7.4 percent.
Overall, the country’s inflation rate quickened to 8.7 percent from 8.1 percent. The latest number was the highest recorded inflation in the country since November 2008.
PSA Undersecretary Dennis Mapa, in a Philippine News Agency (PNA) report,
said the main driver of inflation last month was housing, water, electricity, gas and other fuels, with inflation of 8.5 percent, and contributing 50.8 percent to the uptrend in January inflation.
“The largest item that has the biggest weight in housing, water, electricity, gas and other fuels is the rental, housing rental. Because of the opening up of the economy, (in) January, I think they have adjusted the rates,” he added.IMT
