NextGen Day

According to the most recent report from the Philippine Statistics Authority-Regional Statistical Services Office (PSA-RSSO) III, the inflation rate in Central Luzon increased to 8.4 percent in October from 7.1 percent in September 2022.

The region has not seen inflation this high since December 2008.

Central Luzon came in at number four among the regions, with the greatest inflation rates being recorded in Davao Region (9.8%), Zamboanga Peninsula (9.0%), and Mimorapa (8.5%).

Contrarily, Soccskargen and the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) had the lowest inflation rates, both at 6.5 percent.

Additionally, the headline inflation rate in the Philippines increased from 6.9 percent in September to 7.7 percent in October. Inflation hasn’t been this high since December 2008, too.

Arlene Divino, Regional Director of PSA-RSSO III, stated in her report that the increase in inflation in Central Luzon in October was mostly due to a greater annual increase in the index of food and non-alcoholic drinks, which increased to 9.4% from 6.3 percent in September.

This was followed by the index of food and lodging services at 2.9 percent from 2.5 percent and the index of housing, water, electricity, gas, and other fuels at 10.7 percent from 9.7 percent.

Indicators for alcoholic beverages and tobacco at 14.3 percent, personal care and other goods and services at 4.4 percent, clothing and footwear at 4.1 percent, leisure, sports, and culture at 3.8 percent, furnishings, household equipment, and regular household maintenance at 3.4 percent, and health at 2.5 percent, all showed higher annual increments.

On the other hand, lower yearly increases of 15.0 percent and 0.5 percent, respectively, were noted in the transport and information, and communication sectors.

The indices for financial services and education services both increased at the same rate as the previous month, or 1.7 percent and 0.0 percent, respectively.

The regional food index’s yearly growth rate increased to 9.8 percent in October from 6.5 percent in September.

The impact of the global economic crisis, according to Gina Gacusan, regional director of the National Economic Development Authority (NEDA), is to blame for the high inflation rate.

According to Gacusan, the increasing demand for goods typically causes the inflation rate to increase from October through December.

“At this time, we anticipate this to be a passing circumstance. We anticipate things to return to normal the next year because, typically, the fourth quarter sees strong inflation and demand due to the holiday season, she stated in a televised interview.

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