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Power, water drive Albay inflation to 2.7% in Dec.

By Sally Atento-Altea


LEGAZPI CITY --- The decrease in electricity and water prices has contributed to a drop in Albay’s inflation rate, which fell to 2.7 percent in December 2024, down from 3.3 percent in November, according to the Philippine Statistics Authority (PSA) for Albay.


Cecil Brondial, the chief statistical specialist of PSA Albay, explained that a lower inflation rate indicates that prices have stabilized, making it easier for consumers to afford essential goods.


“When we say inflation has decreased, it means that prices have dropped slightly, allowing people to purchase basic commodities more easily,” Brondial said.


He further emphasized that this trend signifies economic stability and growth in Albay.


“A low inflation rate reflects a strong and healthy economy,” Brondial added.


In December, the prices of water, electricity, gas, and other fuels decreased to -0.9 percent, down from 0.8 percent in November.


Similarly, rice, milk, and vegetables prices fell from 5.7 percent to 4.9 percent.


Personal care and miscellaneous goods and services also contributed to the lower inflation rate, decreasing from 3.5 percent to 3.2 percent.


For Shella Mae Bueno from Tabaco City, Albay, the decline in inflation has provided some financial relief for her household expenses.


“The decrease in inflation last December was a great help to the public, as it brought a bit of relief to our spending,” Bueno said.


However, despite the overall decrease in inflation, there was a noticeable increase in the prices of transportation, alcoholic beverages, tobacco, furnishings, household equipment, and regular household maintenance.


Jessa Mae Matociños from Daraga, Albay, a minimum wage earner, hopes that the inflation rate in her province will continue to decrease.


She shared that the lower inflation rate has helped her manage her daily expenses more effectively, enabling her to prioritize essential needs.


“As a citizen who belongs to the minimum wage group and has experienced rising prices in recent months, the decrease in the inflation rate has been a significant help in my daily life. It allows me to better prioritize and afford essentials, especially my health needs,” Matociños said.


Meanwhile, the inflation rates for health, information and communication, education, restaurants and accommodation, and financial services remained unchanged from the previous month.


Among the provinces, Sorsogon recorded the lowest inflation rate at 1.4 percent, followed by Camarines Sur at 2.1 percent, Camarines Norte at 2.3 percent, and Albay.


In contrast, Masbate had the highest inflation rate at 3.5 percent, followed by Catanduanes at 3.1 percent. (PIA5/Albay/ with reports from Raiza Lucido)

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