LEGAZPI CITY, Albay (PIA) – The inflation rate in Albay province rose to 4.1 percent year-on-year in June, up from 3.6 percent in May due to higher prices of key consumer items, according to the Philippine Statistics Authority (PSA).
Despite the uptick in June, inflation remained within the 3.4 to 4.2 percent target range set by the Bangko Sentral ng Pilipinas (BSP) for the month.
Cross Doree Lee, a statistical specialist from the PSA in Albay, highlighted during a recent press conference that the primary drivers of this inflation are the rising prices of food, fuel, and gas.
“The headline inflation rate in Albay for products and services accelerated to 4.1 percent from 3.6 percent in May. The average inflation from January to June 2024 is 3.5 percent,” Lee said.
Key factors contributing to the inflation rate included a significant increase in vegetable prices, which rose to 10 percent from 1.6 percent the previous month. Kerosene prices surged to 17.5 percent from 9.7 percent, and liquefied petroleum gas (LPG) prices climbed to 11 percent from 8.8 percent.
However, electricity prices decreased from 16 percent to 9.5 percent.
Other notable increases include garden products, plants, and flowers, which rose from 6.5 percent to 8.4 percent, and recreation, sports, and culture, which increased from 1.9 percent to 2.3 percent.
Prices for restaurants and accommodation remained steady at 3.5 percent.
Senen Briones, information officer at the Department of Trade and Industry in Albay, stated that the higher inflation rates in food, restaurants, and accommodation reflected a dynamic and vibrant local economy.
He pointed out that despite some economic struggles, Albay consumers can still spend on dining out and other services.
“Restaurant, food, and accommodation contributed to the expenses. This means that our economy is dynamic and vibrant. It also means that our consumers in Albay, even if a bit struggling, still afford to go out and eat in restaurants,” Briones said.
Briones also noted an increase in local economy due to the rise in tourism activities, including recent meetings, travel, conferences, and exhibitions in the province.
In terms of food items, lower inflation rates were recorded for rice, corn, flour, meat, fish, seafood, milk, and eggs.
In comparison with other provinces, Sorsogon had the lowest inflation rate at 2.2 percent, while Camarines Sur had the highest at 5.5 percent. Masbate followed at 5.4 percent, Catanduanes at 5 percent, and Camarines Norte at 4.5 percent. (With reports from Raiza Lucido/PIA5/Albay)
