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 further, rising to 8.8 percent in November from 8.4 percent in October 2022.

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

Davao recorded the highest inflation rate among the areas, at 9.7%, followed by Western Visayas at 9.6 percent, placing Central Luzon fourth overall.

With an inflation rate of just 6.0%, the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) has the lowest rate.

Additionally, the headline inflation rate in the Philippines increased from 7.7 percent in October to 8.0 percent in November. Additionally, this represents the biggest inflation since November 2008.

According to PSA-RSSO III Regional Director Arlene Divino’s report, the annual increase in the index of food and non-alcoholic beverages, which rose to 10.2 percent in November from 9.4 percent in October, was the main factor driving the upswing in inflation.

Divino stated in a television interview on Monday that the “food group remains the principal driver of increasing inflation, led by the price increase in vegetables wherein the region’s agriculture sector was harmed by typhoons that battered the country in October.”

The index of transportation came next, increasing from 13.6 percent in October to 15.3 percent, and the index of dining and lodging services increased from 2.9 percent to 3.9 percent.

Higher annual increments were also observed in the following indices: alcoholic beverages and tobacco (14.5%), clothing and footwear (4.8%), personal care (4.8%), miscellaneous (4.8%), recreation, sports (4.1%), and culture (4.1%); furnishings, household equipment (4.0%), and regular household maintenance (4.0%); and health (2.9%).

On the other side, the index for housing, water, electricity, gas, and other fuels saw a smaller yearly increase, dropping from 10.7 percent in October to 9.0 percent.

The indexes for education services increased at a pace of 1.7 percent, while those for information and communication increased at a rate of 0.5 percent.

Al Jonnel Espiritu, the economic development specialist for Region 3 of the National Economic Development Authority, indicated that a number of interventions were being used to control the availability and costs of essential goods.

Espiritu stated that these include the Department of Trade and Industry’s Kapatid Mentor Micro Entrepreneurs – Money Market Encounter 3, the Bureau of Fisheries and Aquatic Resources’ National Fish Broodstock Development Program and Fuel Subsidy Program 3, and the Department of Agriculture’s High-Value Crops Development Program 3.

According to him, one of the main goals of the Central Luzon Regional Development Plan 2023–2028’s strategic framework is to preserve consumers’ purchasing power, particularly when it comes to food.

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