Bicol Inflation Eases in October According to NSCB-Region V

NSCB-Legazpi city.– The Bicol region’s annual inflation rate declined in October, shedding off 0.4 percentage point from 3.5 percent the previous month, according to the official National Statistics Coordination Board-Region V.

Based on basic data culled from the National Statistics Office, the year-on-year change was placed at 3.1 percent. This month’s level however is well below the 4.9 percent recorded in the same period last year and sits at par with the national average.

On a month-on-month basis, Bicol Region’s average inflation rate fell by 0.6 percentage point. Decline in inflation rates were observed in the Housing, Water, Electricity, Gas, and Other Fuels (1.9 percentage point), Transport (0.5 percentage point) and Food and Non-Alcoholic Beverages (0.4 percentage point) commodity groups, resulting to the overall month-on-month level.

The purchasing power of the peso in Bicol Region remained at 75 centavos in October 2012 from P1.00 in 2006.

Across regions, Ilocos Region (Region I) posted the lowest inflation at 1.5 percent while Central Visayas (Region VII) marked the highest at 7.2 percent. Inflation rate in the Bicol Region averaged 3.0 percent from January to October.

Declines in rates for Housing, Water, Electricity, Gas, and Other Fuels (1.4 percentage points), Transport (0.4 percentage point) and Food and Non-Alcoholic Beverages commodity group (0.2 percentage point) were enough to pull down this month’s inflation rate, negating increases in the other commodity groups. Posting increments were Restaurant and Miscellaneous Goods and Services (0.6 percentage point), Alcoholic Beverages and Tobacco and Clothing and Footwear (0.2 percentage point apiece), Furnishing, Household Equipment and Routine Maintenance of the House and Recreation and Culture (0.1 percentage point each).

Health, Communication and Education commodity groups were non movers. Slower inflation rates were registered for most of the food items included in the region’s market basket, pulling up the overall level of the Food group, the biggest component of the region’s consumer basket. Included in these food items are fish, fruits and vegetables.

Average prices of consumer goods remained stable as the monthly Consumer Price Index (CPI), managed to shed 0.3 point, settling at 133.8. Contributing to the overall drop is the Housing, Water, Electricity, Gas, and Other Fuels and Transport commodity groups dropping by 2.1 points and 0.2 point apiece. The rest of the commodity groups recorded increases ranging from 0.1 to 0.7 point.

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