TAGBILARAN CITY, Bohol (PIA) — Tighten your belts economically, advised the Philippine Statistics Authority (PSA) amid headline tracked inflation rate in June climbing a notch higher than the previous month.
This, too, as food inflation rate for June 2024 in Bohol peaked at 8.7 percent, although significantly lower than the 9.1 percent inflation in May 2024.
Contributing largely to the June 2024 food inflation is rice at 24.7 from 22.2 percent in May, vegetables and tubers from 5.8 to 6.7 percent in June, and fruits and nuts from 9.5 percent to 10.1 percent in June.
PSA Bohol chief Jessamyne Anne Alcazaren, during the monthly inflation press conference at the PSA Office at the Galeria Luisa, said rice is still high with inflation in food and non-alcoholic beverages especially cereals top-billing the rise at two 21.1 percent, meat at 6.1 percent, and vegetables at 6.7 percent.
These affect the bottom 30 percent of income households which must meet head-on the 10.3 percent inflation.
“It is still three to four months until the next harvest, and the market price is still reflecting the two digits rate,” Alcazaren pointed out as inflation in the month of June climbed to 5.2 from 5.1 in May 2024.
Rice sits first among the top five contributors to the June 2024 inflation, according to the data collected by the PSA.
With 53.4 percent contribution to the June 2024 inflation owning 2.78 percent, rice inflation in May 2024 was pinned at 22.4, which went further up at 24.7 in June.
“With the price of rice still up, families need to make some few adjustments in their market baskets, if only to get past this crisis,” Alcazaren said.
Another measure Alcaaren suggested was for the families to get some substitutes, also adding quickly that corn grits is not really far behind rice in its market price.
According to the PSA in Bohol, their monitoring showed that the main sources of acceleration of the June 2024 Inflation are housing, water, electricity, gas, and other fuels which ate up 79.5 percent share to spike inflation; transport which owns 20.5 percent share; and food and non-alcoholic beverages at 8.2 inflation rate with 62.2 percent share. (RAHC/PIA Bohol)
