LEGAZPI CITY, Albay (PIA) — The overall inflation in the province of Albay in September dropped sharply to its lowest rate in more than a year, driven by a faster decrease in prices of food and non-alcoholic beverages, the Philippine Statistics Authority (PSA) reported.
Preliminary data from the PSA showed the consumer price index slowed to 2.0 percent year on year in September, easing from 3.6 in percent in August and 6.3 percent in 2023.
Cecil Brondial, PSA chief statistician for Albay, said that the downtrend in the overall inflation in September 2024 was primarily brought by the faster decrease in prices of food and non-alcoholic beverages.
“The decrease in the inflation rate for food and non-alcoholic beverages was mainly due to slower increase in prices of cereals and cereal products, particularly rice, along with the drop in prices of vegetables, tubers, cooking bananas, and tomatoes,” Brondial said.
The deceleration in prices of housing rentals, water, electricity, gasoline and other fuels also contributed to the downtrend.
Senen Briones, the Department of Trade and Industry information officer for Albay, noted the positive impact of lower inflation on both businesses and consumers.
“Lower inflation means reduced production costs for businesses, translating to lower consumer prices. This benefits both sides as consumers can afford more, and businesses can manage costs better,” Briones said.
On the other hand, health, recreation, sports and culture, restaurants and accommodation services recorded higher inflation, along with meat, fish and other seafood, fruits, and nuts.
Benidick Ogao, a small business owner from Daraga, Albay, hopes that the government’s strong efforts to control inflation will continue to benefit families and small businesses like his.
“I hope our government continues to expand its efforts regarding inflation so that families will have greater means to meet their basic needs. It will also give small business owners like me more opportunities to grow and expand businesses,” Ogao said. (PIA5/Albay’s Raiza Lucido contributed to this report.)
