W. Visayas inflation rate surges to 6.2 pct

The inflation rate in Western Visayas in June 2022 increased further to 6.2 percent from
5.9 percent in May 2022. Inflation in June of the previous year was lower at 4.0 percent. The average inflation rate for the first six months of the year is recorded at 4.9 percent.
(Table A and Figure 1).

The increase in the region’s inflation was mainly influenced by the higher annual increase in the index for food and non-alcoholic beverages at 7.3 percent; transport with 16.5 percent, and alcoholic beverages and tobacco, 10.9 percent.

Also contributing to the uptrend in the overall inflation during the period were the higher growth in the indices of the following commodity groups compared with their inflation rates in the previous month:

5. restaurants and accommodation services, 5.1 percent;
6. health, 1.9 percent;
7. clothing and footwear, 2.1 percent;
8. recreation, sport and culture, 3.5 percent;

On the other hand, annual growth slowed down during the month in the index of housing, water, electricity, gas and other fuels with 2.4 percent; furnishings, household equipment and routine household maintenance with 2.0 percent; and personal care, and miscellaneous goods and services with 2.7 percent.

The rest of the commodity groups either retained their previous month’s inflation rates or
had zero percent annual growths. (Table B)

Food inflation in Western Visayas accelerated to 7.6 percent in June 2022, from 6.9 percent annual growth in the previous month. In June 2021, food inflation was lower at 2.3 percent. (Table C)

The rise in inflation rate of food commodity group is primarily influenced by cereals and cereal products with 5.2 percent rate in June 2022 from 3.9 percent in May 2022; meat and other parts of slaughtered land animals registered 13.6 percent inflation during the period, from
11.1 percent inflation in the previous month; and sugar, confectionery and desserts which went up to 13.6 percent growth during the period from 10.5 percent in the previous month.

PROVINCES

In comparison with their annual growth rates in May 2022, four of six provinces in Western Visayas registered acceleration in inflation rates in June 2022, and two provinces retained their previous month’s inflation rate.

Negros Occidental registered the highest inflation of 8.2 percent, while Iloilo had the lowest at 4.0 percent.

Of the two highly urbanized cities in the region, Iloilo City recorded 7.3 percent growth while Bacolod City had 5.1 percent inflation. (Table D)