SAN FERNANDO CITY, La Union – La Union’s inflation rate has stayed below the national average, thanks to its strong food supply, according to the Philippine Statistics Authority (PSA).
Ednore Freynon Perez, acting assistant regional director of the National Economic and Development Authority (NEDA) Region 1, said that a steady supply of essential goods has kept prices in check despite recent typhoons.
“Despite being affected by a series of typhoons, our region maintains a relatively low inflation rate compared to the national average, thanks to our high food sufficiency,” Perez said at a recent press briefing.
Perez explained that La Union’s high food supply helps stabilize local prices, whereas regions with low supply see prices spike as scarcity drives inflation.
With a dependable local food supply, La Union also relies less on costly imports, avoiding transportation and other fees that often increase prices.
In October 2024, La Union’s inflation rate was 2.2 percent, slightly below the national average of 2.3 percent and much lower than its 4.6 percent inflation rate in October 2023.
Food inflation in the province was also lower, at 4.1 percent, compared to 8.9 percent last year.
Some food items saw inflation ease: meat inflation dropped from 7.2 percent in September to 6.6 percent in October, and fruits and nuts fell from 6.9 percent to 6.4 percent.
However, inflation rose slightly in October from September’s record low of 1.3 percent, the lowest in 2024 so far.
Danites Teñido, chief statistical specialist of the PSA-La Union Provincial Statistical Office, explained that the slight inflation increase from September to October 2024 mainly reflects higher prices of food and non-alcoholic beverages.
“Food and non-alcoholic beverages saw a 3.9 percent inflation rate, accounting for a 63.8 percent share of the overall inflation increase in October,” Teñido said.
Housing, water, electricity, gas, and other fuels also contributed to inflation, with a 3.1 percent rate making up 29.4 percent of October’s inflation increase.
Some goods, including education services, personal care, information and communication, alcoholic beverages, and restaurant services, remained stable from the previous month.
Meanwhile, the province’s average inflation rate from January to October 2024 is at 3.2 percent, slightly below the national average of 3.3 percent. (AMB/CCMT, PIA La Union)
