NextGen Day

According to a report released on Wednesday by the Philippine Statistics Authority (PSA), Eastern Visayas had the highest inflation rate (IR) in the previous four years in November 2022 at 7.9 percent.

The region’s rate for November is the highest since November 2018. The rate for this month brought the region’s average IR for the year to 6.5 percent.

The regional rate increased in November 2022, mostly as a result of rising costs for food and non-alcoholic beverages.

According to a statement from PSA Regional Director Wilma Perante, “the greater IR in the index of furniture, domestic equipment, and routine maintenance was also contributing to the upswing.”

From 8.1 percent in October 2022, the food index’s inflation rate jumped to 9.7 percent in November 2022.

The increase in the IR for vegetables, tubers, plantains, cooked bananas, and pulses was the main factor behind the acceleration in the IR for food.

Fruits and nuts, meat from murdered land animals, flour, bread, other bakery goods, pasta, cereals, sugar, confections, and desserts all grow at a quicker double-digit rate.

During this time period, higher price adjustments for restaurants and lodging services, furniture, household equipment, and routine household maintenance, alcoholic beverages and tobacco, personal care, and other goods and services, clothing and footwear, health, and recreation, sports, and culture also contributed to the uptrend in the regional inflation rate.

With the exception of Biliran, every province in the area experienced higher inflation rates in November 2022.

With a rate of 10.8%, Southern Leyte has the highest rate among the provinces. Samar finished in second with 9.6 percent, followed by Eastern Samar with 8.8 percent, Samar with 9.0 percent, and Leyte with 7 percent.

The IR for Biliran decreased from 7.3 percent to 6.2 percent.

In November, inflation in Tacloban, the only heavily populated city in the area, was 4.7 percent, up from 4.3 percent in October.

The consumer price index’s yearly rate of change, often known as its year-over-year changes, is known as the inflation rate.

It shows how quickly or slowly the price fluctuates over two time periods (year-on-year).

Contrary to popular belief, Perante claimed that a low level of inflation does not necessarily indicate that the cost of goods is declining, but rather that they are still rising albeit more slowly.

The PSA developed the data by creating baseline data for the item prices in the base year (2018) and periodically monitoring the item prices.

Except for petroleum products, which are tracked every Friday by the PSA provincial, data for the consumer price index are collected twice monthly.

The first five days of the month are dedicated to the collection, while the second phase takes place from the 15th to the 17th.

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