Central Visayas inflation eases to 8.7% in July

Local

INFLATION in Central Visayas eased in July but the region continued to record the highest headline inflation rate in the country.

Data released by the Philippine Statistics Authority (PSA) showed that headline inflation in the region slowed to 8.7 percent in July from 10.1 percent in June.

Despite the improvement, the figure remained significantly higher than the national inflation rate of 6.2 percent.

Food and non-alcoholic beverages, the biggest contributor to household spending in the region, posted a slower annual increase of 10.7 percent, down from 14.1 percent in June.

Rice inflation eased to 11.9 percent from a revised 13.3 percent in June, while corn prices also moderated sharply, with inflation slowing to 23.4 percent from 35 percent.

Transport costs likewise softened, with inflation easing to 14.7 percent from 16.8 percent in June. Inflation for education services also slowed to 2.1 percent from 2.7 percent.

However, the decline in overall inflation was partly offset by faster price increases in housing-related expenses.

Inflation for housing, water, electricity, gas and other fuels accelerated to 6.6 percent in July from a revised 5.6 percent in June, amid continuing concerns over power supply and electricity costs in the region.

Prices of alcoholic beverages and tobacco also rose slightly faster, with inflation inching up to 5.2 percent from 5.1 percent.

Inflation refers to the general increase in the prices of goods and other basic commodities.(RBE)