Cebu’s inflation rate remains at 2.8 %

CEBU, Philippines — Inflation rate in Cebu Province remains at 2.8 percent for the past two months—October and November, according to the Philippine Statistics Authority (PSA) Cebu Provincial Statistical Office.

The province's average inflation rate from January to November 2024 was recorded at 1.7 percent. In comparison, for the period between November 2023 and November 2024, the inflation rate was 1.9 percent.

According to PSA- Cebu Province chief statistical analyst Melchor Bautista, while inflation in Cebu Province held steady, Central Visayas decreased to 2.3 percent in November 2024, down from 2.9 percent in October 2024.

The main contributors to the province’s inflation rate were Food and Non-Alcoholic Beverages, Housing, water, electricity, gas and other fuels, and Furnishings, household equipment and routine household maintenance.

Food and non-alcoholic beverages accounted for 79.4 percent of the overall inflation, contributing 2.2 percentage points.

Housing, water, electricity, gas, and other fuels followed with a 5.7 percent share or 0.2 percent.

Followed by furnishings, household equipment, and routine household maintenance contributed 5.1 percent or 0.1 percentage point.

In terms of food inflation in the province, Bautista reported a 5.5 percent in November 2024, up from 4.6 percent in October 2024. The rise of food inflation was primarily driven by the faster annual increase in the prices of vegetables, tubers, plantains, cooking bananas, and pulses.

Bautista said the commodities mentioned recorded at 10.6 percent compared to 4.4 percent decrease in October 2024. Other factors contributing to the food inflation included a slower decline in the prices of fish and other seafood. The annual decrease for these products slowed to 0.7 percent in November 2024 from 2.0 percent in October 2024.

The rise of prices in corn was also noticeable which was recorded to 23.5 percent in November from 19.8 percent in the previous month. Meat and other parts of slaughtered land animals also saw an increase, with inflation rising to 4.9 percent from 4.6 percent.

On the other hand, the inflation rate for rice dropped to 2.3 percent in November 2024 from 5.7 percent in October. Flour, bread, and other bakery products also decreased to 2.3 percent from 3.0 percent.

Moreover, milk, dairy products, and eggs also saw a reduction in inflation, falling to 3.3 percent from 4.5 percent.

Bautista said that basing in the past years, inflation rates tend to rise during the last quarter of the year, particularly in October, November, and December.

In contrast, Cebu Province’s inflation rate remained steady this November, indicating some stability in the market.

“Makita nato nga naay pag-ubos sa prices sa pagkaon…Walay scarcity sa supply during the month of November,” said Bautista. –/FPL (FREEMAN)