Wednesday, October 1, 2014

Bicol posts record-high inflation rate in August — NSCB

LEGAZPI CITY, Oct. 1 (PNA) -- The purchasing power of the peso in Bicol shrank in August this year to 69 centavos from Php1.00 in 2006, according to the National Statistical Coordination Board (NSCB) of the Philippine Statistics Authority (PSA).

In its latest report reaching the Philippine News Agency here Wednesday, the NSCB said this development arose from the month’s record-high inflation rate in the region that showed continuing uptrend recorded at 0.7-percentage point over the previous month’s level.

The year-on-year change came in at 6.6 percent, 4.3-percentage points faster than the rate recorded in the same period last year and 1.7-percentage points higher than the national average.

Inflation rate for the month, according to Gil Arce, the NSCB regional unit head, is the highest ever recorded in a two-year period.

Across regions, Davao Region registered the lowest at 4.0 percent while Central Visayas recorded the highest at 7.7 percent.

Higher inflation rates for most of the commodity groups resulted in the current level of inflation and latest data brought Bicol's average inflation rate for the first eight months of the year to 5.5 percent, Arce said.

Price increases in the heavily-weighted Food and Non-Alcoholic Beverages commodity group were enough to push this month's inflation rate to its all-time high while Housing, Water, Electricity, Gas, and Other Fuels commodity group sustained its previous month's level as a result of the recent round of price rollbacks of gasoline and diesel, he said.

The rest of the commodity groups registering increments were Recreation and Culture (0.2-percentage point) and Alcoholic Beverages and Tobacco, Clothing and Footwear and Health (0.1-percentage point apiece).

Transport managed to decline by 0.4-percentage point while the rest of the commodity groups remained unchanged from last month's level.

All food items included in the region's market basket had faster inflation rates, enough to push the overall level of the food group, which accounts for about half of the consumer basket of goods and services in the region to swell by 1.3-percentage points, Arce said.

The region's monthly Consumer Price Index (CPI) grew 1.3 points from last month's index of 144.4, reflecting a continued rise in average prices of consumer goods.

Seven of the commodity groups, Arce said, posted increased indices, ranging from a mere 0.1 point to a high of 2.9 points from the Food and Non-Alcoholic Beverages commodity group.

Housing, Water, Electricity, Gas, and Other Fuels and Transport commodity groups, on the other hand, shed 0.1 and 0.6-percentage point apiece while the rest of the commodity groups sustained their previous month's level, he said.

On a month-on-month basis, inflation rate in Bicol posted an increase of 0.4- percentage point brought about by faster inflation rates in the Food and Non-Alcoholic Beverages and Housing, Water, Electricity, Gas, and Other Fuels commodity groups.

Posting drops in inflation rates were Transport at 0.5-percentage point; Education, 0.3-percentage point; and Furnishing, Household Equipment and Routine Maintenance of the House, 0.1-percentage point, Arce added. (PNA) LAP/FGS/DOC/CBD/UTB