Slower annual inflation rates were recorded by Negros Occidental and Bacolod City in January 2024 to 2.2 percent and 2.5 percent, respectively, primarily due to deceleration in food prices.
Philippine Statistics Authority (PSA) data released on Thursday, February 8, showed that the province’s rate of price increases in December 2023 is at 3.5 percent while that of Bacolod City is four percent.
“The decline in inflation rate for Negros Occidental in January 2024 was brought about by the slight decrease in prices based on the year-on-year rate in the indices for almost all of the commodities,” the PSA reported.
These included food and non-alcoholic beverages, alcoholic beverages and tobacco, clothing and footwear, housing/water/electricity/gas and other fuels, furnishing/household equipment and routine household maintenance, health, transport, financial services, recreation/sports and culture, and personal care and miscellaneous goods and services.
For the food and non-alcoholic beverages index, Negros Occidental registered monthly decreases in the seasonally adjusted consumer price index (CPI) that resulted in a decline to 3.9 percent, from 6.9 percent last December.
Bacolod City also exhibited a downtrend in food and non-alcoholic beverages inflation to 4.5 percent last month, from nine percent in December 2023.
The report noted that in January 2023, Negros Occidental recorded a higher inflation rate of 12.2 percent while it was 12 percent for Bacolod City. (PNA)