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The inflation rate in Central Luzon drops to 9.3% in February.

The inflation rate in Central Luzon slowed down to 9.3 percent in February 2023 after five consecutive months of increase, according to the latest report of the Philippine Statistics Authority – Regional Statistical Services Office 3 (Central Luzon). Comparing the most recent result to 9.8 percent in January 2023, it is 0.5 lower. Information graphic provided by PSA

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PAMPANGA’S CITY OF SAN FERNANDO – After increasing for five straight months, the inflation rate in Central Luzon slowed down in February, falling to 9.3 percent.

The most recent result is 6.3 percentage points higher than the February 2022 figure of 3 percent and 0.5 percentage points lower than the January 2023 record of 9.8 percent.

Among the areas with the greatest inflation in February, Central Luzon came in at number four.

The highest inflation was observed in Western Visayas at 10.8%, followed by Zamboanga Peninsula and Davao Region, both at 9.9%.

The Cordillera Administrative Area has the highest inflation rate at 7.1 percent, followed by Eastern Visayas at 6.3 percent.

The nation’s overall inflation rate also decreased, from 8.7 percent in January to 8.6 percent in February.

According to Arlene Divino, Regional Director of the Philippine Statistics Authority’s Regional Statistical Services Office 3 (Central Luzon), the decrease in inflation for February was primarily caused by a lower annual increase in the index of food and non-alcoholic beverages, which dropped to 10.7 percent from 12 percent in January.

The indices for transportation came in second at 11.5 percent, followed by those for housing, water, electricity, gas, and other fuels at 8.4 percent.

The regional food index’s yearly growth rate decreased from 12.6 percent in January to 11 percent in February.

Divino added that rice’s 2 percent annual growth rate, 4.7 percent for meat and other parts of slain land animals, and 33.9 percent for vegetables, tubers, plantains, frying bananas, and pulses are the main causes of the regional food index’s declining trend.

Higher annual increases, however, were seen in the following categories: restaurants and lodging services, 8.1 percent; personal care and other goods and services, 7.6 percent; and clothing and footwear, 7.3 percent. These higher annual increases were seen in the categories of alcoholic beverages and tobacco, which were at 15.5 percent.

According to Al Jonnel Espiritu, the National Economic and Development Authority (NEDA) 3’s economic development specialist, the government is still addressing the effects of inflation, a problem that affects the entire nation as well as the area.

Espiritu stated that Central Luzon is still optimistic about achieving the long-term goal of a “matatag, maginhawa at panatag na buhay para sa lahat (stable, comfortable and secure existence for everyone)” despite the difficulties.

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