By Joseph B.A. Marzan
The region’s inflation rate moved at a faster rate in July 2022 along with the national trend, based on data released by the Philippine Statistics Authority (PSA) on Aug 5.
Inflation is the general increase in prices of goods and services in an economy over a given period of time. Inflation rate is measured using the Consumer Price Index (CPI).
The CPI measures the overall change in consumer prices based on a representative basket of goods and services over time.
PSA data indicated that inflation in Western Visayas rose to 6.9 percent in July from 6.2 percent in June.
Based on each commodity group, transportation pushed the regional number after rising to 17.3 percent in July from 16.5 percent in June. This index includes the purchase of vehicles, operation of personal transport equipment, passenger transport services, and transport services of goods.
But unlike in previous months, there were more stagnations or decreases in inflation rates in other commodity groups.
Food and non-alcoholic beverages rose by 1.4 percent in July to 8.7 percent from 7.3 percent in June, as well as furnishings, household equipment, and routine household maintenance (2.9 percent from 2.0 percent).
There were slight dips in the commodity groups of alcoholic beverages and tobacco (10.7 percent from 10.9 percent), clothing and footwear (2.0 percent from 2.1 percent), health (1.6 percent from 1.9 percent), recreation, sport, and culture (3.2 percent from 3.5 percent), and restaurants and accommodation services (5.0 percent from 5.1 percent).
Commodity groups that remained stagnant include housing, water, electricity, gas, and other fuels (2.4 percent), information and communication (1.2 percent), education services (4.3 percent), and personal care, miscellaneous goods and services (2.7 percent).
Financial services, like all regions in the country, remained flat at 0 percent.
For specific food items, rises in rates were logged between June and July for the following commodities:
-rice (4.6 percent from 4.2 percent);
-flour, bread and other bakery products, pasta products, and other cereals (7.9 percent from 6.4 percent);
-meat and other parts of slaughtered land animals (15.2 percent from 13.6 percent);
-fish and other seafood (10.0 percent from 6.0 percent);
-milk, other dairy products, and eggs (4.1 percent from 3.0 percent);
-oils and fats (11.2 percent from 9.7 percent);
-fruits and nuts (10.3 percent from 9.7 percent);
-vegetables, tubers, plantains, cooking bananas and pulses (12.7 percent from 12.1 percent); and
-sugar, confectionery and desserts (18.7 percent from 13.6 percent).
Inflation rates for corn (23.8 percent from 27.0 percent) and ready-made food products (4.4 percent from 4.5 percent) declined.
The PSA’s July 2022 report likewise indicated that the national inflation rate rose to 6.4 percent from 6.1 percent in June, driven by food and non-alcoholic beverages.
