Inflation in Western Visayas hits 3.1% in March 2024

By Francis Allan L. Angelo

In Western Visayas, the cost of living has seen a noticeable rise, with the inflation rate reaching 3.1 percent in March 2024.

The increase signals a steady climb from February’s 2.7 percent, albeit a significant reduction from the previous year’s high of 9.1 percent.

The Consumer Price Index (CPI), a measure of the average change over time in the prices paid by consumers for a market basket of consumer goods and services, indicated that the purchasing power of the peso has diminished; one peso in the base year of 2018 is now equivalent to 78 centavos in March 2024.

In a breakdown of the inflation rates by province and highly urbanized cities (HUCs), Guimaras recorded the highest inflation rate at 7.2 percent, a marked contrast to the 2.3 percent in both Negros Occidental and its capital, Bacolod City. Such variances highlight the unequal impact of price changes across the region.

For the bottom 30 percent income households, inflation accelerated to 3.8 percent in March, up from 3.3 percent in February, with food prices contributing most heavily to this rise.

The PSA’s report attributes the inflationary pressures predominantly to the food and non-alcoholic beverages category, which saw a 5.5 percent increase.

This surge in food costs has directly affected families like that of Lorna Magbanua, a local vendor in Iloilo. “Our daily expenses for food have gone up, and customers are spending less. It’s a struggle to keep the business going,” she explains.

Meanwhile, transport costs have also risen, climbing to 2.4 percent, adding to the financial strain experienced by commuters.

“The jeepney fare hasn’t increased yet, but I’m already worried about how I’ll manage if it does,” shares Rolando Delgado, a daily wage earner from Iloilo City.

On the brighter side, some sectors like furnishing, household equipment, and house maintenance saw a decline, indicated by a -0.78 percent change. However, the deflation in housing, electricity, water, gas, and other fuels at -3.2 percent has not offered significant relief, given their smaller weight in the CPI basket.

Other notable increases were observed in the health sector and the education services, which registered inflation rates of 3.0 and 7.8 percent, respectively. These changes have a direct impact on the quality of life and access to essential services for the people in the region.

In reaction to the report, small business owners and wage earners express concerns about the escalating costs.

“Every increase affects us. We have to adjust our budget and sometimes cut back on essentials,” notes Maria Fe, a mother of three and a sari-sari store owner in Pavia, Iloilo.