Eastern Visayas inflation skyrockets

TACLOBAN CITY — The Philippine Statistics Authority reported that Eastern Visayas logged a 7.4 percent inflation rate in October 2022 after two consecutive months of deceleration and the October rate is higher than the 6.9 percent recorded in September and 7.2 percent in August.

The PSA said that uptrend in the regional rate in October 2022 was primarily due to the higher prices for housing, water, electricity, gas, and other fuels.

“It registered a double-digit inflation rate of 11.1 percent in October from 8.6 percent in the previous month. This was followed by the heavily weighted food and non-alcoholic beverages index that recorded an increase of 8.1 percent in October from 7.7 percent in September,” PSA regional director Wilma Perante said.

She added that the inflation rate for the food index increased further to 8.5 percent in October 2022 from 8 percent the previous month and adjustment in the food inflation was primarily influenced by the faster rate in the index for vegetables, tubers, plantains, cooking bananas and grains.

The faster double-digit rate of sugar, confectionery, and desserts also contributed to the acceleration of the food index during the month.

Likewise contributing to the uptrend in the regional inflation rate during the period was the higher adjustment of prices of restaurants and accommodation services; furnishings, household equipment, and routine household maintenance; alcoholic beverages and tobacco; personal care, and miscellaneous goods and services; clothing and footwear; health; and recreation, sports and culture.

All six provinces in the region recorded higher inflation rates in October 2022.

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