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Albay’s April inflation slows down to 3.6%

By Sally A. Altea

LEGAZPI CITY --- The over-all inflation rate in the province of Albay decreased to 3.6% this April from 4.1 percent in March. It is significantly lower as compared to 6.7 percent in April last year.

Cecille Brondial, Philippine Statistics Authority Albay chief statistician, said it is a positive development for local consumers.

“This is a good sign for the Albayanos. This means that it will not be that hard for them to buy prime commodities,” Brondial said during the recent press conference.

The top commodity groups that contributed to the downtrend inflation in April 2024 were food and non-alcoholic beverages, restaurants and accommodation services, furnishings, household equipment and routine household maintenance.

Under the food category, the main contributors to lower inflation are slower price increase in rice, corn, flour, bread and other bakery products. Meat, fruits and nuts alongside sugar, confectionary, desserts and other ready-made food products also posted slower inflation.

“Food inflation at the provincial level decreased to 7.2 percent in April 2024 from 8.4 percent in the previous month. In April 2023, food inflation was higher at 8.3 percent,” Brondial said.

Annual decrease was also noted in fruits and nuts alongside sugar, confectionary and desserts. Fish and other seafood remained at -2.9 percent inflation rate.

In contrast, higher inflation was recorded in the indices of other commodity food groups including milk, eggs and other dairy products, oils and fats and vegetables.

Faster inflation was also noted on basic commodity groups. These include transport, housing, water, electricity, gas and other fuels.

Prices remains the same for services on finance, education and information and communication.

Senen Briones, Department of Trade and Industry Albay information officer, said the lower inflation for April is also good for business and consumers as they were still able to afford the common household expenditures despite the increase in prices.

He cited in particular the lower inflation rate in restaurant and accommodation services as indication that the local economy continues to grow and contribute to local expenditures despite the threat of El Niño and higher prices of some basic commodities.

Although the inflation slowed down, some consumers like Mj Realingo, a student from Bicol University, still do not feel its positive impact as prices of other commodities remain high.

“Sa akin personally, ang pinakaepekto nito bilang estudyante sobrang kinukulang na yung binibigay na allowance. Yung P1000 is kokonti nalang ang mabibili. Masaya ako na bumaba ang inflation rate pero hindi pa kasi sya ganoon kadama,” Realingo said.

Government worker Deib Sulit also expressed disappointment over the increasing prices of basic goods.

DTI Albay information officer Senen Briones said that the lower inflation for April is good for consumers and business.

Talking about inflation, it’s hard for me as a worker since the cheaper goods are getting more expensive. The peso seems worthless so it’s disappointing. Nowadays and as a worker, how can I save up?

Among Bicol provinces, Catanduanes recorded the highest inflation rate at 5.3 percent, followed by Masbate at 5.2 percent, Camarines Norte at 4.2 percent, and Camarines at 3.5 percent. Sorsogon has the the lowest at 2.2 percent.

The purchasing power of the peso in Albay remains at P0.76. (With reports from Raiza Lucido/PIA5/Albay)

THE slow increase in prices of food commodities such as rice and corn is the major contributor to lower inflation rate in Albay for the month of May. Photo from Department of Agriculture


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