Bicol inflation rate decelerates to 4.2% in August

LEGAZPI CITY - The inflation rate in the Bicol Region slowed to 4.2 percent in August from 4.4 percent in July, according to a report from the Philippine Statistics Authority 5 (PSA-Bicol) on Monday. Ray Merjilla, officer-in-charge of the PSA's Statistical Operation and Coordination Division (SOCD), said last month's figure brought the region's average inflation rate for January to August to 3.8 percent. In comparison, the inflation rate in August 2023 was recorded at 4.4 percent. Merjilla attributed the downtrend in August inflation to the slower rise in prices for food and non-alcoholic beverages, which increased by 5.4 percent compared to 7.5 percent the previous month. 'Another factor contributing to the lower inflation rate was the slower price increase in the transport sector, which posted 2.6 percent inflation and contributed 16.4 percent to the overall reduction in the region's inflation,' he said. Merjilla also cited a decrease in food inflation, which eased to 5.4 percent in August from 7.8 per cent in July. This trend was driven by slower price increases for rice, vegetables, tubers, plantains, cooking bananas, and pulses. PSA data revealed that Masbate had the highest inflation rate in the Bicol Region at 5.9 percent, while Sorsogon recorded the lowest at 2 percent. Albay posted an inflation rate of 3.6 percent, Camarines Sur at 5.4 percent, Catanduanes at 4 percent, and Camarines Norte at 2.9 percent. Inflation is measured as the annual rate of change in the consumer price index (CPI), expressed as a percentage. Source: Philippines News agency