INFLATION in Central Visayas increased in October, climbing to 2.9 percent, up from 2.1 percent in September, according to the latest report from the Philippine Statistics Authority-Central Visayas (PSA-7).

The October figure also marks a rise from the 1.2 percent inflation recorded in the same month last year.

PSA-7 Director Engr. Ariel Florendo attributed the uptick to significant increases in the prices of food and non-alcoholic beverages, which saw an inflation rate of 4.4 percent, up from 2.0 percent in September.

Transport costs also played a role, with the sector's inflation rate moving from -5.7 percent in September to -2.6 percent in October.

Food and non-alcoholic beverages were the main contributors to the regional inflation, accounting for 59 percent of the overall increase. Housing, water, electricity, gas, and other fuels contributed another 30.6 percent.

Among the provinces, Bohol registered the highest inflation at 2.9 percent, followed closely by Cebu at 2.8 percent. Negros Oriental's inflation rate increased to 2.0 percent, while Siquijor saw the lowest at 1.6 percent.

Food inflation in the region also spiked to 4.6 percent in October, up from 2.1 percent the previous month. This was largely driven by a sharp rise in corn prices, which jumped from 0.9 percent to 18.1 percent, as well as an increase in rice prices, which saw a 8.8 percent rise compared to 5.4 percent in September.

The PSA 7's report also highlighted that the cereals and cereal products sector, which posted an inflation rate of 9.2 percent, and vegetables, tubers, and fish had notable impacts on food inflation.

Transport costs, particularly passenger transport by sea, also saw significant growth, increasing by 14.3 percent from the -15.1 percent recorded in September.

In terms of local inflation rates, Bohol saw an increase from 1.6 percent in September to 2.9 percent in October, while Cebu's inflation rose to 2.8 percent.

The cities of Mandaue and Lapu-Lapu recorded some of the lowest regional rates, with Mandaue's inflation rising to 5.4 percent and Lapu-Lapu City at 2.6 percent.

Florendo noted that weather disturbances, which can damage agricultural products, might have contributed to the increase in inflation, particularly in food prices.

Despite the rise in inflation, the National Economic and Development Authority Central Visayas (NEDA 7) emphasized that inflation remains within the government's target range of 2-4 percent.

Architect Neil Andrew U. Menjares, NEDA 7's Chief Economic Development Specialist, stressed that managing inflation is critical to ensuring economic stability and protecting purchasing power.(MyTVCebu)

• Tags
• # Central Visayas
• #Philippine Statistics Authority 7
• #Inflation Rate
• #Ariel Florendo
• #Food
• #Non-alcoholic Beverages