The average inflation rate of Negros Occidental in 2018 accelerated at 7 percent, almost four times faster than the 1.7 percent record in 2017, Philippine Statistics Authority-Negros Occidental Chief Luis Gonzales said yesterday.
Based on the records from PSA, Gonzales said that average inflation rate last year was 7 percent with consumer price index of P121.4 and purchasing power of peso at 0.83, compared in 2017 that it was only at 1.7 percent, P112.5 CPI, and 0.89 PPP.
This means that in 2018, P100 had a real equivalent of P83 in buying basic goods and services, P6 lower than 2017, which was pegged at P89 with year 2012 as baseline period, Gonzales said.
PSA records also showed that October last year that inflationthe province peaked at 9.8 percent, after a series of increases since the start of the year.
Gonzales said that the high inflation rate is attributed to the continuous increase in prices of food and beverage items and reported commodity shortages like fish, rice, and vegetables.
Increase of fuel prices was also a big factor in the inflation rate increase and implementation of the tax reform for acceleration and inclusion (TRAIN) last year was also a factor, he added.
Records show that inflation rate in January last year was at 3.9 percent, February- 4.6 percent, March- 5.4 percent, April- 6.2 percent, May- 6 percent, June-7 percent, July- 7.2 percent, August- 8.6, September- 9.1 percent, and slowed down in November- 8.6 percent, and December- 7.6 percent.
The slowdown of inflation in December in the province has contributed to the 5.7 percent regional inflation average last month, PSA records also show.
Gonzales also said Negros Occidental has the highest inflation rate among other provinces in Western Visayas, and it contributed much in the regional average.
Negros Occidental inflation is 1.8 percent higher than the annual average headline inflation at the national level, which picked up by 5.2 percent from 2.9 percent in 2017.
Gonzales also said that PSA-Negros Occidental is regularly conducting market monitoring of the goods and services in the province.*
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