Oliver 55 0 0 1 year ago 4 min to read

After five months, Region 8’s inflation rate began to decline in August.

According to a report released Monday by the Philippine Statistics Authority (PSA), the inflation rate in Eastern Visayas declined in August after accelerating for five months.

According to PSA Eastern Visayas Regional Director Wilma Pirante, the decrease in the regional inflation rate (IR) in August 2022 was primarily the result of the lower annual increase recorded in the index for food and non-alcoholic beverages at 7.5 percent, down from 8.0 percent in the previous month.

Fish and other shellfish, vegetables, tubers, plantains, bananas, legumes, and rice play a significant role in the IR slowdown.

Only the three provinces of Eastern Samar, Samar, and Biliran, out of the six, saw a rise in inflation rates in August 2022, at 7.9, 7.2, and 6.8, respectively.

Southern Leyte (6.7), Northern Samar (9.3), and Leyte (6.7) are the provinces with lower IRs (9.6).

Inflation in Tacloban, the only heavily developed city in the area, was 4.2 percent in August 2022, down from 5.2 percent in July.

The annual rate of change, or year-over-year changes, in the consumer price index is known as the inflation rate. It displays the price change rate over two time periods (year-on-year).

Contrary to popular belief, Perante asserted that low inflation does not always imply falling commodity prices. It means that although prices are still rising, they are doing it more slowly.

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