CEBU, Philippines — The Central Visayas inflation rate has spike up to 2.9 percent in December 2024 as transport, housing, water and electricity rates climbed, the Philippine Statistics Authority reported (PSA) 7.
This percentage was 0.6 percent higher from the 2.3 percent in November 2024. The 12th month brought the regional average inflation from January 2024 to December 2024 at 3.2 percent.
While in December 2023, the inflation rate was higher at 3.9 percent.
In the data released by PSA 7, the increase in the regional inflation rate last month was primarily brought to the transport sector, which registered at 5.6 percent from an annual decline of 2.1 percent in November 2024.
In addition, housing, water, electricity, gas and other fuels also contributed to the upward trend, registering to 3.9 percent from 1.1 percent in the previous month.
On the contrary, several categories experienced lower inflation rates, including food and non-alcoholic beverages, which eased to 2.3 percent from 4.0 percent, and alcoholic beverages and tobacco, which dropped to 2.1 percent from 3.2 percent.
Moreover, furnishings, household equipment, and routine household maintenance, also declined from 4.6 percent to 4.4 percent; health, fell from 2.5 percent to 2.2 percent; and personal care, and miscellaneous goods and services, dropped to 2.1 percent from 2.4 percent.
The categories who retained the November 2024 rates include clothing and footwear at 0.7 percent, recreation, sport, and culture at 1.1 percent, education services at 7.1 percent, restaurants and accommodation services at 0.5 percent, and financial services at -0.2 percent.
December food inflation
In terms of food inflation, Central Visayas experienced a deceleration in December 2024, dropping to 2.4 percent from 4.2 percent in November.
The registered December rate proved an improvement compared to December 2023, when food inflation was higher at 5.6.
The slowdown in food inflation was primarily driven by a reduction in the year-on-year price increase of rice, which slowed to just 0.7 percent from 5.1 percent in November.
Other food items, such as vegetables, tubers, and pulses showed a slower increase of 0.1 percent in December, down from 6.4 percent the previous month. Corn also saw a slowdown, with its year-on-year price rise easing to 14.8 percent from 21.0 percent.
Meanwhile, food groups, which are needed on a day-to-day basis such as milk, dairy products, and eggs, also registered a slower increase of 1.5 percent, down from 2.6 percent in the previous month.
The PSA 7 also noted that oils and fats and ready-made foods also saw minimal price hikes during the month.
However,the price of meat and other slaughtered animals rose by 4.1 percent, while fish and seafood saw a slight increase of 0.2 percent. Fruits and nuts showed the highest rise, with prices climbing by 7.5 percent compared to 5.3 percent in November.
The index for flour, bread, and bakery products remained unchanged, holding steady at a 1.4 percent increase. (CEBU NEWS)