LEGAZPI CITY—The inflation rate in the Bicol Region experienced a slight decline to 4.2% in August, down from 4.4% in July, showcasing a trend of moderating price increases across various sectors.
According to the Philippine Statistics Authority 5 (PSA-Bicol), Ray Merjilla, officer-in-charge of the Statistical Operation and Coordination Division, highlighted that this decrease brought the region’s average inflation rate for January to August to 3.8%. He noted that the lower inflation rate this August, compared to the same month last year, was influenced primarily by reduced price increases in the food and non-alcoholic beverages sector, which saw a rise of 5.4%, down from 7.5% in July.
Merjilla explained that the transport sector also contributed to the deceleration in inflation, with a reported increase of 2.6%, which significantly impacted the overall reduction in the region’s inflation figures. Additionally, the easing of food inflation to 5.4% from 7.8% was driven by slower price increases in commodities such as rice, vegetables, tubers, and pulses.
The PSA’s report further detailed variations in inflation rates across different provinces within the region: Masbate recorded the highest at 5.9%, while Sorsogon had the lowest at 2%. Other provinces such as Albay, Camarines Sur, Catanduanes, and Camarines Norte posted inflation rates of 3.6%, 5.4%, 4%, and 2.9% respectively.