Inflation rates for all income households in Negros Occidental and Bacolod City slowed down in March compared to February this year, the Philippine Statistics Authority (PSA) in Bacolod said.

In a summary report released on Tuesday night, April 11, the PSA said Negros Occidental exhibited slightly lower inflation, from 12.4 to 10.8 percent, while Bacolod, from 11.2 to 8.7 percent.

Luis Gonzales, chief statistical specialist of PSA-Negros Occidental, said these were due to the slight annual decreases in the prices of some commodities.

In the province, minimal decreases were noted in food and non-alcoholic beverages, alcoholic beverages and tobacco, housing/water/electricity/gas and other fuels, and transport.

Decreases were only in the prices of some commodity groups, such as food and non-alcoholic beverages, as well as housing/water/electricity/gas and other fuels, and transport.

The report added that “food inflation in Negros Occidental’s moderate monthly reduction in the seasonally adjusted Consumer Price Index (CPI) for March 2023 resulted in a slight decrease in inflation — at 11 percent from 12.2 percent in February and 12.7 percent in January.”

“Also in Bacolod, food inflation declined to 8.5 percent from the previous month’s annual growth rate of 10.2 and 10.4 percent in January 2023,” it added.

For non-food inflation, Negros Occidental posted an average of 10.5 percent while Bacolod was 8.5 percent in March, which is lower than the 12.7 and 11.6 percent, respectively, in February.

The CPI provides a general measure of the changes in average retail prices of commodities bought by a specific group of consumers in a given area and during a given period.

Inflation is the annual rate of change or the year-on-year change of the CPI expressed in percent and is interpreted in terms of the declining purchasing power of money. (PNA)