Legazpi: The Philippine Statistics Authority in Bicol (PSA-5) announced on Tuesday that the inflation rate in the Bicol Region experienced a slight decline, easing to 7.4 percent in May from 7.6 percent in April 2026. This marks a notable development in the economic landscape of the region.

According to Philippines News Agency, PSA-5 Director Cynthia Perdiz explained in a press conference that the primary drivers behind the decrease in May's inflation rate were the sectors of housing, water, electricity, gas, and other fuels. These sectors collectively contributed 58.9 percent to the overall inflation rate. Perdiz also highlighted that transport costs, particularly those associated with diesel and gasoline, accounted for a 37.2 percent share in the inflation deceleration.

Further contributing factors identified by Perdiz included rice, restaurants and cafes, rentals, gasoline, and liquefied petroleum gas (LPG). These elements played significant roles in shaping the inflation data for May.

The report also detailed that major commodity groups experiencing lower inflation rates included clothing and footwear, which saw a decrease from 2.6 percent in April to 2.4 percent; housing, water, electricity, gas, and others, which declined from 11 percent to 9.7 percent; furnishings and household equipment, decreasing from 4.9 percent to 4.8 percent; transport, which fell from 17.9 percent to 15.8 percent; and information and communication, which dropped from 2.4 percent to 2.2 percent.

In terms of food groups, there was an increase in inflation for items such as rice, corn, flour, bread, and fruits and nuts. However, a reduction in inflation was noted for fish and other seafood, as well as oils and fats.

The provincial breakdown of inflation rates revealed that Camarines Norte had the highest inflation at 8.6 percent, while Albay and Catanduanes recorded the lowest rates at 6.0 percent. Camarines Sur and Masbate both posted inflation rates of 8.2 percent, and Sorsogon's rate was recorded at 6.2 percent.