By Francis Allan L. Angelo
The inflation rate in Iloilo and Iloilo City dropped in July 2024, defying the national trend of rising prices.
According to an analysis by the Institute of Contemporary Economics using data from the Philippine Statistics Authority (PSA), Iloilo province saw its inflation rate decrease to 4.0% from 6.2% in June, while Iloilo City’s inflation plummeted to 1.8% from 6.1%.
In contrast, other provinces in Western Visayas and Bacolod City experienced inflation increases surpassing the national average.
Aklan’s inflation rose from 4.9% to 6.4%, Antique from 6.2% to 6.2%, Capiz from 4.7% to 5.8%, Guimaras from 6.2% to 6.8%, and Negros Occidental from 4.8% to 5.0%.
Bacolod City’s inflation rate increased to 6.2% from 4.5%.
Residents in Iloilo City have expressed relief over the declining inflation.
“I’ve seen a drop in the prices of basic goods, which is a big help for my family and my business. I hope this trend continues,” said Trina Santos, a local vendor.
However, other Western Visayan provinces are grappling with the rising cost of living like Bacolod City residents voicing their concerns over the increasing prices.
“It’s becoming harder to make ends meet,” said Rodel Baron, a tricycle driver. “Fuel prices keep going up, and it’s affecting everything else.”
Nationally, headline inflation increased to 4.4% in July from 3.7% in June, within the Bangko Sentral ng Pilipinas’ (BSP) forecast range of 4.0% to 4.8%.
The year-to-date average of 3.7% remains within the government’s inflation target range of 3.0% ± 1.0 percentage point for the year.
On a month-on-month seasonally adjusted basis, headline inflation rose to 0.6% in July from zero in the previous month. Core inflation eased to 2.9% from 3.1%.
The uptick in July inflation was mainly due to non-food inflation, particularly higher electricity rates and domestic petroleum prices.
Education services inflation rose with the start of the school year. Food inflation also accelerated due to faster price increases in meat and fruits, while rice inflation remained elevated.
The BSP expects inflation to follow a general downtrend beginning in August. The Monetary Board will consider the latest inflation outturn and the Q2 2024 national accounts in its August 2024 monetary policy meeting, ensuring monetary policy settings align with the primary mandate of price stability conducive to sustainable economic growth. (With reports from Mariela Angella Oladive)
