By PR | 07:21 PM May 18, 2024
Bohol’s inflation rate (IR) for April improved to 4.3% from 3.3% from the previous month, the latest figures from the Philippine Statistics Authority (PSA)-Bohol showed.
Bohol’s IR in April is higher by 0.5 percentage points than the national IR at 3.8 and 1.1 percentage points higher than the regional IR at 3.2 for April.
Jessamyn Anne Alcazaren, PSA-Bohol chief statistical specialist, reported that the uptrend in the overall inflation was primarily influenced by the higher year-on-year increase in the heavily weighted food and non-alcoholic beverages at 8.4% during this month from 6.4% in March.
A slower decline of prices in housing, water, electricity, gas, and other fuels was also the critical driver of the uptrend of overall inflation, which can also be noted in the higher IR in transport at 1.3% from 0.9% in March.
The commodity groups contributing to the overall inflation are food and non-alcoholic beverages at 76.4%, restaurant and accommodation services, 7.7%; and furnishings, household equipment, and routine household maintenance, 4.3%.
At the same time, lower IRs were observed in alcoholic beverages and tobacco at 4.5%; clothing and footwear, 3.4%; health, 1.8%; recreation, sports, and culture, 3.7%; and personal care and miscellaneous goods and services, 3.4%.
Information and communication, education services, and financial services retained their previous month IRs.
Food inflation rose to 8.9% in April from 6.7% in March which was caused by the increasing indexes in vegetables, tubers, etc., followed by fish and other sea products, ready-made food and other food products, and sugar, confectionery, and desserts.
In contrast, lower annual growth rates were observed in the following food groups, including rice, meat, and fruits and nuts, which are also main contributors to the food inflation, sharing 74.8% of the overall inflation for this month.
Milk, other dairy products, and eggs had a significantly lower growth rate at 4.0% in April from 7.7% in March.
“They can make adjustments to their expenses. That’s the best (thing to do) because we have the upward trend,” Alcazaren said during the monthly press conference when asked for advice for consumers based on the inflation status.
She also said that Boholanos should watch for price changes next month, especially in food, transportation, and housing, to be mindful of their expenses.
With the accelerating increase of prices in farm products, the provincial government, under Gov. Erico Aristotle Aumentado, is already gearing up for cloud seeding operations to lessen and mitigate the impact of El Nino in the agricultural sector in the province.
Capitol’s buyback program is also ongoing to lessen the high prices of fish and other sea products, ensuring food security as prioritized by the Aumentado’s Strategic Change Agenda.
Since January, the national IR average is now at 3.4%, Region VII Central Visayas at 2.9%, with Bohol currently at 3.8% compared to 7.4% recorded in April 2023. (PiMO/JSS)
