Inflation rates rise in Cebu

The inflation rates in the Cebu Tri-Cities and the Province of Cebu increased in February 2024 as disclosed by the Philippine Statistics Authority (PSA) - Cebu Province.

PSA-Cebu Province Chief Statistical Specialist Melchor B. Bautista revealed that the inflation rate in Cebu Province has increased to -0.2 from -0.4 percent. While Cebu City, as of February 2024, remained constant at 4.5 percent compared to January.

The cities of Lapu-Lapu and Mandaue had 4.5 percent and 6.7 percent, respectively.

Inflation is defined as an increase in the prices of goods and services.

Cebu Province's upward trend was primarily influenced by the increase in the heavily weighted food and non-alcoholic beverages, which rose to -0.2 percent (February) from -1.2 percent (January). Followed by the transport commodity group, which increased to 1.2 percent from 0.8 percent. Alcoholic beverages and tobacco index rose to 10.9 percent (February) from 10.3 percent (January). The top two commodity groups that contributed to the increase in February were housing, water, electricity, gas, and other fuels with 769.3 percent share or 1.5 percentage points, and food and non-alcoholic beverages with 57.9 percent or -0.1 percentage points.

For Cebu City, PSA-Cebu said that commodity groups which contributed to changes in inflation (increasing or decreasing) include personal care, miscellaneous goods, and services with 6.3 percent from 3.6 percent in January, transport with 4.2 percent from 2.8 percent, and alcoholic beverages and tobacco with 1.8 percent from 12.6 percent.

The top three commodity groups contributing to the upward trend of inflation in Cebu City are food and non-alcoholic beverages with 47.4 percent, housing, water, electricity, gas, and other fuels with 22.5 percent; and transportation with 7.4 percent.

For Lapu-Lapu City, the main drivers for the upward trend in inflation were heavily weighted food and non-alcoholic beverages commodity group, which rose to 4.6 percent from 0.8 percent in January. This was followed by housing, water, electricity,gas, and other fuels, which decreased to -0.7 percent from -1.5 percent. Transport index increased to 2.3 percent from 0.3 percent in January. The top three commodity groups that contributed to inflation increase in February were restaurants and accommodation services with 44.6 percent, or 2.0 percentage points; food and non-alcoholic beverages with 35.7 percent, or 1.6 percentage points; and personal care, miscellaneous goods, and services with 8.1 percent share,or 0.4 percentage points.

In Mandaue City, the heavily weighted food and non-alcoholic beverages, which rose to 4.2 percent from 2.0 percent in January, primarily influenced the inflation rate increase. Followed by transport commodity, which rose to 1.8 percent from -0.2 percent. The third source was clothing and footwear, which rose to 0.2 percent from 0.0 percent. The top three commodity groups that contributed in February 2024 increase in inflation rate were housing, water, electricity, gas, and other fuels with 63.0 percent, or 4.2 percentage points; food and non-alcoholic beverages with 20.3 percent share, or 1.4 percentage points; and personal care, miscellaneous goods, and services with 5.7 percent share, or 0.4 percentage points.

Meanwhile, Central Visayas inflation rate accelerated to 2.7 percent in February from 2.5 percent in January. The region's average inflation was 2.6 percent.

The Philippines' overall inflation rose to 3.4 percent in February 2024 from 2.8 percent in January.