Western Visayas posts highest Dec 2022 inflation rate in PHL

By Joseph B.A. Marzan

Western Visayas saw the highest uptick in prices of goods and services in 2022 in the country, according to inflation data released by the Philippine Statistics Authority (PSA) on Thursday, Jan. 5, 2023.

Western Visayas posted a 10.5 percent inflation rate in December 2022, an increase of 0.9 percent from November 2022 (9.6 percent), and a 6.3 percent spike from December 2021 (4.2 percent).

Transport commodities remained the region’s biggest inflation driver (14.5 percent), after a slight increase from its November rate (14.2 percent).

Housing, Water, Electricity, Gas, and Other Fuels accounted for the second highest rate among commodity groups at 14.2 percent, a 2.5 percent jump from its November rate of 11.7 percent.

Other commodity groups which saw an uptick in December inflation rates (ranked from the greatest numerical rate) include:

–          Alcoholic Beverages and Tobacco (12.1 percent, from 11.5 percent in November);

–          Food and Non-Alcoholic Beverages (11.1 percent, from 10.1 percent);

–          Furnishings, Household Equipment and Routine Household Maintenance (7.2 percent, from 7.0 percent);

–          Personal Care and Miscellaneous Goods and Services (6.3 percent, from 5.8 percent);

–          Recreation, Sport, and Culture (4.9 percent, from 4.4 percent);

–          Clothing and Footwear (3.5 percent, from 3.2 percent); and

–          Health (1.5 percent, from 1.4 percent).

Meanwhile, inflation deceleration was noted in Restaurants and Accommodation Services (9.7 percent, from 9.9 percent) and Information and Communication (2.5 percent, from 2.6 percent), while Education Services (0.4 percent) remained the same.

The 10.5 percent inflation rate is the region’s highest this year, and is also the highest in the nation, as announced by PSA chief Claire Dennis Mapa in a press briefing on Thursday.

Davao Region is second highest (9.3 percent), followed by Central Luzon (9.0 percent), MIMAROPA (8.9 percent), Zamboanga Peninsula (8.7 percent), Central Visayas and Cagayan Valley (8.5 percent each), Ilocos Region (8.2 percent), Northern Mindanao and Eastern Visayas (7.8 percent each), Cordillera Administrative Region (7.7 percent), Caraga (7.4 percent), Bicol Region (7.2 percent), SOCCSKSARGEN and CALABARZON (7.1 percent each), and BARMM (6.3 percent).

December inflation rates in Bicol Region, Eastern Visayas, Zamboanga Peninsula, and Davao Region decreased compared to November 2022, while CALABARZON remained at 7.1.

The national inflation rate was 8.1 percent, a slight increase from 8 percent in November 2022, but 5 percent higher against December 2021 rate.

The average national inflation rate for 2022 was 5.8 percent, the first time the average yearly rate went above 5 percent since 2018 (5.2 percent) and the highest since 2008 (8.2 percent).

The PSA likewise confirmed that this was the highest since the peak of 9.1 percent in November 2008, which was the height of the Global Financial Crisis.