BY GEROME DALIPE IV
ILOILO City – This southern metropolis’ inflation rate in July slowed down to 1.8 percent from 2.2 in June, the Philippine Statistics Authority (PSA) in Western Visayas announced yesterday.
In a press briefing, Miguel S. Gallego, PSA statistical specialist, said that Bacolod City also posted a 6.2 percent inflation rate in July from 6.1 percent in June.
Among the six provinces in Western Visayas, the PSA reported that Guimaras has the highest inflation at 6.8 percent from 6.2 percent, while Iloilo has the lowest at 4.0 percent from 5. 0 percent.
Likewise, Region 6’s inflation, or the increase in prices of goods and services over time, also slowed down to 4.8 percent in July, from 4.9 percent in June.
The above rate was lower when compared with the 5.8 percent recorded in July 2023. “The average inflation rate from January until July 2024 was recorded at 3.7 percent,” said Gallego.
The PSA-6 attributed the improved inflation to the slow increase in the prices of housing, water, electricity, gas, and other fuel commodity groups with a 1.1 percent rate when compared with the 2.7 percent in the preceding month, with the decline in prices of electricity from 3.0 percent to -4 percent as the highest contributor.
The adjustment in electricity rates, particularly in Iloilo City pulled down the higher rate in other areas in the region, hence, slowed down inflation for electricity, said Gallego.
The commodity group contributed a 95.2 percent share to the downtrend inflation.
The other contributor to the lower inflation was the health commodity group, with a 2.5 percent inflation, and the decline in outpatient dental services to 3.4 percent from 5.5 percent in June as the main contributor.
The alcoholic beverages and tobacco commodity group, with its 3.1 percent growth rate from 3.3 percent in June, was the third biggest contributor to the headline inflation fuelled by the slow growth of tobacco at 2.9 percent from 3.1 percent and alcoholic beverages that recorded a 4.3 percent growth rate from 4.5 percent.
Health shares 2.3 percent, while the alcoholic beverages and tobacco commodity group has a 1.6 percent contribution to the overall inflation.
However, the major contributors to the overall inflation included food and non-alcoholic beverages with 7 percent inflation, transport with 4.1 percent, and restaurants and accommodation services at 5.8 percent./PN
