La union: Pangasinan's inflation rate decreased from 7.4 percent in April to 5.6 percent in May, while La Union's rate fell from 7.5 percent in April to 6.3 percent in May.
According to Philippines News Agency, the Philippine Statistics Authority (PSA) Ilocos regional office reported these figures, highlighting a significant reduction in inflation rates in both regions.
PSA Pangasinan officer-in-charge Verna Palsimon noted in a forum on Thursday that the primary causes of the deceleration were the housing, water, electricity, gas, and other fuels commodity group. Additionally, the transport group, particularly diesel products, contributed to the decline.
In the same forum, PSA La Union Chief Statistical Specialist Danites Te±ido identified the transport group, specifically gasoline and diesel, as the main driver of the decrease in La Union's inflation rate. This was followed by food and non-alcoholic beverages, as well as the housing, water, electricity, gas, and other fuels commodity group.
Senior Economic Development Specialist Kathleen Irah Magaliao of the Department of Economy, Planning, and Development emphasized that the downward trend in the inflation rate might not be guaranteed in coming months due to the ongoing Middle East crisis. "However, given our trends in the past few months, we can see that the inflation rate in May is a good example that it is possible," Magaliao stated. She noted that the regional inflation rate currently stands at 5.9 percent, which is lower than the Bangko Sentral's projection of 7.1 percent.
Magaliao also highlighted the potential impact of weather disturbances during the third quarter, predicting that the inflation rate in June could range from 6.0 percent to 9.42 percent. She emphasized the importance of strengthening resilience, particularly in terms of food security, and supporting locally produced food products to stimulate the economy.
Government efforts to mitigate the impact of increased inflation were acknowledged as essential. Magaliao praised interventions such as price caps on rice, anti-hoarding efforts, price monitoring, and emergency support efforts, which have been effective in easing the community's burden and supporting the economy.
