Cebu inflation soars to 3.5 percent

Local

By MyTVCebu Desk

A SURGE in transport costs sent Cebu Province's inflation soaring to 3.5 percent in December 2024, up from 2.8 percent in November.

The sharp rise reflects increasing economic pressures, particularly in key commodities that affect daily living. The transport index recorded the most dramatic change, with a 13.3 percent increase in December, a stark contrast to its 1.7 percent decline in November.

This was compounded by rising housing, water, electricity, gas, and other fuel prices, which climbed by 2.1 percent, up from 0.7 percent in the prior month.

Chief Statistical Specialist Melchor Bautista of the Philippine Statistics Authority (PSA) Cebu Province revealed these figures during a press conference on Tuesday, January 21.

He noted that transport and utility costs were key contributors to the inflation spike.

Other commodities showed relief as inflation in food and non-alcoholic beverages slowed to 3.5 percent in December, compared to 5.2 percent in November.

Alcoholic beverages and tobacco also saw a drop, with inflation easing to 2.5 percent from 5.0 percent. Furnishings, household equipment, and maintenance saw only a slight dip, falling to 4.2 percent from 4.4 percent, while inflation for health services declined from 3.5 percent to 2.7 percent.

Meanwhile, the information and communication sector experienced no inflation in December at 0.0 percent, down from 0.1 percent in November, and personal care along with miscellaneous goods and services eased to 2.3 percent from 2.6 percent.

Food and non-alcoholic beverages remained the largest contributor to inflation at 39.8 percent. Transport followed with a 34.5 percent share, while housing, water, electricity, gas, and other fuels contributed 12.7 percent to the December inflation figure.

National inflation stood at 2.9 percent in December, up from 2.5 percent in November. Similarly, inflation in Central Visayas increased to 2.9 percent from November’s 2.3 percent.

Bautista said managing the upward pressure in key sectors like transport and utilities will remain a challenge for policymakers, particularly as rising costs continue to squeeze household budgets.(MyTVCebu)