PSA Chief Statistical Specialist Engr. Ariel Fortuito (center) presenting the inflation report of Negros Oriental in a virtual press conference on Jan. 17, 2025 at PSA Office, Dumaguete City. (PIA Negros Oriental/PSA photo)
DUMAGUETE CITY, Negros Oriental (PIA) — The province’s 2024 inflation rate has dropped to an average of 3.2 percent from 5.6 percent recorded in 2023, the Philippine Statistics Authority (PSA) here reported in a virtual press conference.
PSA chief statistical specialist Engr. Ariel Fortuito said the decline in inflation last year can be attributed to the ability of government efforts to keep prices affordable.
Negros Oriental Chamber of Commerce & Industry (NOCCI) president Edward Du welcomed the drop of inflation rate as businesses have benefited from a more positive environment and improved consumer confidence as a result of stable prices.
“Any reduction in inflation rate means the price of goods and services like basic commodities were affordable, if the inflation rate goes down, prices of commodities go down or maintained and this is good for the consumers,” said Du.
However, Fortuito showed that in December 2024’s headline inflation slightly increased to 1.0 percent from 0.9 percent in November.
But the PSA official underscored that this is a significant decline from the 5.6 percent rate logged in December 2023.
The main drivers to the slight increase in December inflation rate include transportation with 0.5 percent inflation and 52.6 percent share; and housing, water, electricity, gas and other fuels, with 0.9 percent inflation and 47.4 percent share.
PSA showed that food inflation at the provincial level has decreased to 0.9 percent in December 2024.
Fortuito reported that in November, the province’s food inflation posted at 2.3 percent, and 5.9 percent in December 2023.
The food groups that posted a slower inflation in December compared to the previous month include rice with 2.4 percent inflation from 3.7 percent; corn, with 5.1 percent inflation from 5.5 percent; and meat and other parts of slaughtered land animals, with 1.0 percent inflation from 2.1 percent.
Tapering inflation at the provincial level, the Provincial Statistics Committee (PSC) pushed for a close monitoring of the prices of everyday items, like food and fuel and implement policy measures and programs to arrest unnecessary rising commodity prices. (JCT/PIA7 Negros Oriental)
