Bicol inflation rate decreases

By Connie Calipay

LEGAZPI CITY --- The inflation rate in the Bicol Region decreased from 1.7 percent in July to 1.0 percent in August, the Philippine Statistics Authority (PSA-5) reported Tuesday.

Rey Merjilla, chief statistician specialist of PSA-5, said the region’s average inflation rate from January to August was 2 percent.

Merjilla indicated that the main factors contributing to the decline in August’s inflation rate included housing, water, electricity and fuel costs, which dropped from 3.1 percent in July to -0.3 percent in August.

Food and non-alcoholic beverages fell from 0.2 percent in July to -0.4 percent in August, while education services decreased from 2.7 percent in July to 1.4 percent in August.

Significant contributors to inflation included restaurants and accommodation services, personal care and miscellaneous goods and services, as well as health services.

The top five contributors to inflation in August were pig meat, restaurants and cafes, rental costs, other pelagic fish, and freshwater fish.

Across the six provinces of Bicol Region, Sorsogon recorded the lowest inflation rate, decreasing from 1.8 percent to -0.6 percent.

Catanduanes saw the highest increase, rising from 2.1 percent to 3.0 percent.

The inflation rates for other provinces were as follows: Camarines Norte at 0.4 percent, Albay at 1.3 percent, Masbate at 0.7 percent and Camarines Sur at 1.2 percent.

Inflation is defined as the annual rate of change in the consumer price index, expressed as a percentage, and reflects the declining purchasing power of money. (PNA)