Legazpi: Inflation in the Bicol Region slightly accelerated to 7.7 percent in August from 7.4 percent in July, driven mainly by higher prices of food, transport, and housing-related commodities, the Philippine Statistics Authority reported on Wednesday.
According to Philippines News Agency, Ray Merjilla, chief statistical specialist at PSA Bicol, noted that food and non-alcoholic beverages posted a 5.9 percent inflation rate, with cereals and cereal products increasing by 21.5 percent. Transport registered a 14.3 percent inflation rate, primarily due to higher gasoline prices at 41.1 percent and diesel at 56.6 percent. Housing, water, electricity, gas, and other fuels also contributed to the acceleration, posting a 12.7 percent inflation rate, with liquefied petroleum gas (LPG) rising by 34.4 percent.
PSA Bicol identified the main contributors to August inflation as food and non-alcoholic beverages, housing, water, electricity, gas, and other fuels, along with transport. The top five contributors included rice, with a 30.1 percent inflation rate; rentals at 7.5 percent; restaurants, cafes, and similar establishments at 9.9 percent; electricity at 26.3 percent; and gasoline at 41.1 percent.
Among Bicol provinces, Camarines Norte recorded the highest inflation at 9.7 percent, followed by Masbate at 8.6 percent, Sorsogon at 8.5 percent, Camarines Sur at 8.4 percent, and Catanduanes at 5.8 percent. Albay posted the lowest provincial inflation at 5.5 percent.
The Department of Agriculture attributed the increase in food prices partly to drought and water shortages that affected agricultural production in the region. Julie B. Llenaresas, assistant regional manager at NFA Bicol, highlighted that rice, a staple food in households, saw significant price increases, raising concerns among consumers. She stated that the government's PHP20 rice program is helping mitigate the impact of high rice prices on consumers by providing access to more affordable rice.
Llenaresas mentioned that while the program helps influence market prices, rice supply remains limited in certain production regions since the peak harvest season has yet to begin. She noted that sporadic harvests have been observed, but the peak is expected around November, which may lead to a decrease in prices due to increased supply.
