The Philippine Statistics Authority (PSA) reported a decline in inflation rates in Negros Occidental and Bacolod City for November 2024, signaling an economic reprieve for residents.
In Negros Occidental, inflation dropped to 3.0% from 3.5% in October and 4.7% in November 2023. Bacolod City mirrored the trend, with inflation declining to 2.7% from 3.2% in October and 4.2% in the previous year.
PSA Supervising Statistical Specialist Diesah S. Biaoco highlighted the significance of the slowdown during a press briefing. “The sustained monitoring of inflation trends allows us to address issues and ensure economic stability for all sectors,” she said.
Drivers of Lower Inflation
Food and non-alcoholic beverages emerged as the primary contributors to the decline in both areas. In Negros Occidental, this category’s inflation fell to 2.6% in November from 3.5% in October, accounting for 38.3% of the overall decrease.
Health inflation eased to 3.8% from 4.1%, while alcoholic beverages and tobacco dropped to 2.3% from 2.6%.
In Bacolod City, food and non-alcoholic beverages contributed 59.5% of the overall inflation decline, with rates decreasing to 2.9% from 3.2%. Housing, water, electricity, gas, and other fuels also recorded lower inflation, dropping to 2.2% from 3.6%.
Impact on Vulnerable Sectors
The bottom 30% income households in Negros Occidental experienced a decrease in inflation to 3.2% from 4.2% in October. Similarly, Bacolod City recorded a reduction to 3.1% from 3.8%.
Housing and utility costs for low-income households in Bacolod City saw a notable drop to 0.1% in November, compared to 3.5% in October, offering some relief to economically vulnerable groups.
Despite the improvements, some sectors reported increases. In Negros Occidental, restaurant and accommodation services saw inflation rise to 9.7% from 9.2%. Similarly, personal care and miscellaneous goods inflation in Bacolod City increased to 4.8% from 4.4%.
