Inflation in Western Visayas rose to 3.9% in October 2024, up from September’s 3.4%, as reported by the Philippine Statistics Authority (PSA).
The region’s average inflation from January to October stood at 3.8%, lower than the 5.4% recorded in October 2023 but still outpacing the national inflation rate of 2.3%.
The uptick was mainly fueled by a 4.3% increase in the Food and Non-Alcoholic Beverages index, which climbed from 3.3% in September. Housing, water, electricity, gas, and other fuels also saw an increase, rising to 5.8% from 5.6%. Transport inflation, though still negative, improved to -1.4% from -2.1%.
Marianita Santoceldes, a vendor in Iloilo City, expressed her concern over the impact of rising prices on her livelihood. “Basic commodities have become more expensive. Customers are buying less, which affects my sales and livelihood,” Santos said.
Cereal prices were a significant factor in food inflation, surging by 13.8% in October, up from 9.9% in September.
Prices for milk, dairy products, and eggs also rose, registering a 4.4% inflation rate compared to 3.5% the previous month.
On the other hand, vegetable prices eased slightly, with inflation decreasing to -8.2% from -8.9%.
The inflation rate for the bottom 30% income households in the region climbed to 5.0% from September’s 4.0%. This increase primarily stemmed from a 5.5% rise in the Food and Non-Alcoholic Beverages index and a 9.4% spike in housing and utilities.
Roberto Samson, a jeepney driver, highlighted the challenge posed by fluctuating costs.
“While fuel prices have slightly gone down, the cost of vehicle maintenance and parts has gone up. We’re barely making ends meet,” Samson said.
Among the provinces, Iloilo recorded the highest inflation at 5.0%, while Aklan reported the lowest at 3.1%.
In urban centers, Iloilo City saw inflation rise sharply to 4.1% from 2.8% in September, whereas Bacolod City experienced a slight decline to 3.2% from 3.9%.
A restaurant owner in Iloilo City, noted how the inflation has impacted his business.
“We’ve had to adjust our menu prices three times this year. Our customers understand, but some have started ordering less,” the owner explained.
The purchasing power of the peso weakened further, with one peso from 2018 now valued at 77 centavos in October 2024.
Low-income families were particularly affected, with construction worker Danny Zamora from Bacolod City saying, “My salary hasn’t increased, but everything else has. We’ve switched to cheaper alternatives for almost everything.”Top of Form
