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Manila Bulletin devider Philippines devider Inflation in Western Visayas eases after 10 months

Inflation in Western Visayas eases after 10 months

Published Feb 10, 2023 12:26 pm

A VENDOR sells fresh fish in Iloilo City. The inflation rate in Western Visayas has eased after 10 months due to lower food and non-alcoholic beverage prices. (Tara Yap)

ILOILO CITY – What goes up must come down.

The inflation rate in Western Visayas eased 0.2 percent after 10 straight months of acceleration, from 10.5 percent in December to 10.3 percent in January, the Philippine Statistics Authority (PSA)-Region 6 said.

“Western Visayas regional inflation eased to 10.3 percent in January 2023, from 10.5 percent in December 2022, after 10 consecutive months of acceleration,” said Nelida Amolar, chief statistical specialist and officer-in-charge of the PSA-6.

However, the inflation rate of Western Visayas was still the highest in the country for January by 1.6 percent compared to the national average of 8.7 percent.

The PSA-6 attributed the inflation slowdown in Western Visayas to the lower prices of food and non-alcoholic drinks.

“The slowdown of inflation in January 2023 was primarily due to the lower annual growth recorded in the index of food and non-alcoholic beverages at 10.6 percent from 11.1 percent in December 2022,’’ noted Amolar.

But prices of housing, water, electricity, gas, and other fuels in the region went up to 15.1 percent.

The inflation rate in the regional capital Iloilo City went down 1.1 percent from 13.5 percent in December to 12.4 percent last month but remains the highest in the region.

Aklan still has the lowest inflation rate in Western Visayas at 7.9 percent.

The PSA-6 recorded an inflation rate of 12.2 percent in Negros Occidental; 12.1 percent in Bacolod City; 9.2 percent in Antique; 8.8 percent in Iloilo; 8.8 percent in Capiz, and eight percent in Guimaras.

The International Monetary Fund defines inflation as the rate of increase in prices over a given period of time.

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