DUMAGUETE CITY, Oct. 19 (PIA) -- Negros Oriental logged a 6.8% inflation rate for September 2022.
In a recent Kapihan sa PIA forum, Philippine Statistics Authority (PSA) Provincial Head Engr. Ariel Fortuito said that even though the figure is high, it is slightly lower than what was recorded at the national level for the same month which is 6.9%.
Based on the summary inflation report made by PSA Negros Oriental, the September inflation rate in the province was also slightly higher compared to the local inflation rate in August which was 6.7%
The following commodity groups contributed to the upward trend of inflation for the previous month:
- Transport: 12.1% from 11.7%
- Furnishings (Household Equipment and Routine Household Maintenance): 4.6% from 4.2%
- Health: 4.3% from 3.2 %
- Alcoholic Beverages and Tobacco: 4.3% from 3.0%
- Restaurants and Accommodation Services: 4.1% from 2.1%
- Recreation, sports, and culture: 2.7% from 1.7%
- Education Services: 2.2% from 0.0%
- Clothing and Footwear: 1.8% from 0.5%
- Personal Care, miscellaneous goods and services: 1.4% from 0.9%
- Information and Communication: 0.9% from 0.5%
However, inflation rate for food and alcoholic beverages decreased in September at 9.9% from 10.2% in August.
Inflation rate for housing, water, electricity, gas and other fuels also dipped in September at 4.1% from 4.6% in August.
Fortuito added that the purchasing power of the Philippine peso is now at .88.
The PSA official explained that inflation is the increase of price of certain commodities and this movement in pricing has contributed to the weakening of the purchasing power of the Philippine peso.
He also admitted that it is a challenge for the agency to “laymanize” the statistical data they have presented for better understanding and appreciation of the public, which is why they take advantage of public fora such as the Kapihan sa PIA to explain the meaning behind these figures.
Fortuito said the data also aims to guide local officials in the formulation of economic policies and programs.
“Atong gikolekta ang mga datos ug atong gihulagway kon unsa ang kamatuoran nga panghitabo sa atong sosyedad. That is the purpose of the PSA ngano kami mohatag mi ug hulagway aron ang mga policymakers could do something (The purpose of PSA in collecting these data is to present a real picture happening in our society so that our local policymakers could do something),” Fortuito said.
Representatives of Bangko Sentral ng Pilipinas (BSP) Dumaguete Branch disclosed that they are still seeing an impending pressure on the prices of commodities, but the consumers can do some measures to cushion the effects of the soaring prices of goods.
“What do we do in an individual standpoint? Save? Yes. Look for investment that would give you a yield more than what the forecasted inflation would give you,” said Luther Palma, acting public information officer of BSP Dumaguete. (RAL/PIA7 Negros Oriental)