ILOILO CITY -- For four consecutive months, the prices of basic goods in Western Visayas region have been more expensive than the national average as the inflation rate jumped to 7.4 percent in August 2022.
The Philippine Statistics Authority (PSA) recorded an increase of 0.5 percent in the national inflation rate last month at 6.3 percent.
In comparison, the inflation rate for July 2022 was 6.9 percent, way too high compared to last year’s inflation rate in the same month which was only 3.8 percent.
The biggest contributing factor to the high inflation rate for the year so far is the Consumer Price Index (CPI) for transportation, which was 14 percent for August 2022. This decreased by 3.3 percent from the 17.3-percent rate in July 2022.
The CPI for food is pegged at 8.5 percent and 6.6 percent for housing, water and electricity.
The regional capital of Iloilo City registered the highest inflation rate for August 2022 at 9.7 percent, with Antique province registering the second highest at 8.6 percent.
It was closely followed by the island province of Guimaras which saw an 8.5-percent inflation rate, while Negros Occidental province’s inflation rate stood at eight percent.
Iloilo province had a 6.4 percent inflation rate while Aklan province had a 6.3 percent inflation rate.