By Frnacis Allan L. Angelo
The inflation rate in Negros Occidental and Bacolod City eased in August 2024, marking a continuous downtrend for both regions, according to data from the Philippine Statistics Authority (PSA).
The headline inflation rate for all income households in Negros Occidental dropped to 4.5% in August from 4.8% in July.
This marks a significant decline from 7.9% in August 2023.
Bacolod City, the provincial capital, experienced a similar trend, with inflation decreasing to 5.6% in August from 6.2% in the previous month, and slightly lower than the 5.7% recorded in August 2023.
Inflation refers to the annual rate of increase in the prices of goods and services, measured through the Consumer Price Index (CPI).
A positive inflation rate indicates rising prices, while a deflationary figure shows a decrease in price levels.
The PSA releases monthly reports to track inflation trends across the country, providing insight into the economy’s performance.
Key Drivers of Inflation
In Negros Occidental, the leading contributors to the inflation rate were food and non-alcoholic beverages, which posted an inflation rate of 5.3%, down from 6.1% in July.
The transport sector saw a sharp drop, recording a negative inflation rate of -0.6%, down from 2.2% in July.
Education services also saw a reduction, with inflation easing to 15.2% in August from 16.4% in the prior month.
In Bacolod City, the food and non-alcoholic beverages index recorded 7.8% inflation, slightly lower than July’s 8.4%.
The transport sector, similar to Negros Occidental, posted a deflationary figure of -0.6%, while the alcoholic beverages and tobacco index saw a marginal decline from 5.9% to 5.8%.
Other sectors contributed to the easing inflation, such as housing, water, electricity, gas, and other fuels, which saw a significant rise from 2.0% to 3.8% in Negros Occidental, but a more substantial increase in Bacolod City, jumping to 7.0% in August from 6.6% in July.
Inflation for Low-Income Households
Inflation for the bottom 30% income households also saw a downward trend.
In Negros Occidental, inflation for this sector eased to 4.9% in August from 5.4% in July, with the top contributors being food and non-alcoholic beverages, transport, and education services.
In Bacolod City, inflation for the bottom 30% fell to 6.6% in August from 7.0% in July, driven primarily by the same sectors.
