The December 2024 inflation rate for all income households in Bacolod City eased further to 2.4 percent while Negros Occidental’s went slightly higher to 3.7 percent, data released by the Philippine Statistics Authority (PSA) on Tuesday, Jan. 14, showed.
In Bacolod, the inflation rate in November settled at 2.7 percent, from 3.2 percent in October, while Negros Occidental recorded 3 percent in November, after the 3.5 percent in October.
In a press briefing, John Campomanes, chief statistical specialist of PSA-Negros Occidental, said the top major contributor to last month’s inflation is the food and non-alcoholic beverages commodity group at only 1.2 percent, with a share of 87.7 percent to overall inflation.
Food inflation in the city decelerated to 0.9 percent in December, from 2.8 percent in November.
Another contributor is housing, water, electricity, gas and other fuels at -0.5 percent, with 10.7 percent share, as inflation for electricity, gas and other fuels settled at -1.5 percent in December, from -0.4 percent in November.
On the other hand, the top major contributor to the 3.7 percent inflation in Negros Occidental is housing, water, electricity, gas and other fuels at 4.2 percent, with 49.3 percent share to overall inflation.
In December, inflation for electricity, gas and other fuels in the province increased to 9.6 percent, from only 4.2 percent in November.
The two other contributors are transport, 0.3 percent, with 25.9 percent share, and food and non-alcoholic beverages, 2.9 percent, with 19.3 percent share.
Inflation is the annual rate of change or the year-on-year change of the consumer price index expressed in percent and interpreted in terms of the declining purchasing power of money.*PNA
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The average inflation rate in Negros Occidental was 3.7 percent, which was 0.7 percent higher compared to November at 3 percent, records from PSA-Negros Occidental showed.
Records showed that inflation in the province has accelerated to 3.7 percent, which is higher than the regional and national average which is at 3.4 and 2.5 percent, respectively.
The main sources of the inflation were food and non-alcoholic beverages at 2.9 percent from 2.6 percent with 35.3 percent share, housing, water, electricity, gas, and other fuels at 4.2 percent from 2.2 percent in November with 19.5 percent share, and restaurants and accommodation services at 9.7 percent since Nov. 2024 with 19.5 percent share.
Higher inflation rates were also observed in the indices of Alcoholic Beverages and Tobacco at 3.5 percent, and Clothing and Footwear at 5.8 percent.
On the other hand, lower inflation rates were observed in the indices of Furnishings, Household Equipment, and Routine Household Maintenance at 2.5 percent, Health at 3.2 percent, and Personal Care, and Miscellaneous Goods and Services at 2.7 percent.*MLG