CEBU, Philippines — Central Visayas’ inflation rate in November decelerated to 2.3 percent marking the second-lowest rate recorded in the region this year, according to Philippine Statistics Authority in Central Visayas (PSA)-7.
The data shows that the regional average inflation from January 2024 to November 2024 was at 3.2 percent. On a year-on-year basis, November 2023 was higher at 3.8 percent.
During the press briefing yesterday, SA-7 Chief Statistical Specialist Engr. Leopoldo Alfanta Jr. reported that national inflation rose to 2.5 percent in November 2024 from 2.3 percent in October 2024.
Alfanta explained that the reason inflation in the Philippines increased is because each of the 17 regions has its own driving factors influencing the overall trend.
“The national figure is one figure to represent the whole Philippines but if we dissect it by region, naay regions nang saka and nang baba,” said Alfanta.
The decline in regional inflation last month was mainly driven by a slower annual increase in housing, water, electricity, gas, and other fuels, which dropped to 1.1 percent in November from 3.7 percent in October 2024.
National Economic and Development Authority (NEDA) - 7 representative Raddy Dave Boyles noted that one factor behind the decrease in electricity costs was the drop in electricity prices in the Wholesale Electricity Spot Market (WESM) in November.
This was supported by Alfanta who highlighted that the average price of electricity consumption for 120 kWh in November was P1,395.01 compared to P1,602.02 in October 2024.
The inflation downtrend was also influenced by the food and non-alcoholic beverages index, which saw a slower annual increase of 4.0 percent compared to 4.4 percent in October 2024.
Further, slower annual growth was also recorded to Alcoholic Beverages and Tobacco with 3.2 percent; Clothing and Footwear with 0.7 percent; Health 2.5 percent; Recreation, Sport, and Culture with 1.1 percent; and Restaurants and Accommodation Services with 0.5 percent
Meanwhile, the top three commodity groups contributing to the 2.3 percent regional inflation in November were Food and Non-Alcoholic Beverages with 69.6 percent share; Housing, Water, Electricity, Gas and Other Fuels with 11.8 percent share; and Furnishings, Household Equipment and Routine Household Maintenance with 6.8 percent share.
Food inflation at the regional level decreased to 4.2 percent in November 2024 from 4.6 percent in the previous month. In November 2023, food inflation was higher at 5.4 percent.
Alfanta explained that food prices are typically the first to be impacted by adverse weather conditions, such as storms or natural calamities.
“When we say pagkaon naa baya tay agricultural diri which is usually maoy mauna og ka affect kung naay bad weather conditions mga calamities ang disasters,” Alfanta pointed out.
For Alfanta, December inflation is anticipated to rise due to seasonal factors since it will bring higher spending to households.
“Naturally ang tao mo spend jud kay it is the time sad nga each and every household naay additional income,” he added.
He also noted that pressures on inflation may come from the recent eruption of Mt. Kanlaon, which affects Negros Oriental, a key producer of livestock, poultry, and rice. — (FREEMAN)