By PR | 09:28 PM June 14, 2024
Inflation rose to 5.1 percent in May due to increase in the prices of goods and services in the province, the state statistics bureau said on Thursday, June 13.
The Philippine Statistics Authority – Bohol said the data reported was based on a comparison from the previous month of April 2024, which was observed with an increase in the prices of goods and services in the province accelerating to 5.1 % in May 2024.
In April 2024, the IR recorded was at 4.3% while 7.1 % in May 2023.
Compared to last month, the heightened rate of housing, water, electricity, and other fuels went at 1.5% which accounted for 64.6% share in the province.
This was followed by a fast increase in the prices of transport with IR of 2.6% accounting for 20.4% in the overall increase in the province.
The increase in food prices and non-alcoholic beverages took 8.6% inflation, which shares 10.1% in the overall inflation trend in the province.
In May 2024, the IR for various commodities compared to April 2024 are as follows: food and non-alcoholic beverages increased to 8.6% from 8.4%; clothing and footwear rose to 3.5% from 3.4%; housing, water, electricity, gas, and other fuels increased to 1.5% from -0.5%; furnishings, household equipment, and routine house maintenance went up to 5.3% from 4.6%; transport increased to 2.6% from 1.3%; and personal care and miscellaneous goods and services increased to 3.6% from 3.4%.
Meanwhile, commodity groups that have decreased IR are alcoholic beverages and tobacco with 4.2% from 4.5%, and recreation, sports, and culture with 3.6% from 3.7%.
Aside from the decreased IR, commodities that have remained constant are health at 1.8%, information and communication at 0.4%, education services at 5.3%, restaurants and accommodation services at 7.5%, and financial services at -0.1%.
The food inflation rate in the province as of May 2024 is at 9.1% from 8.9% in April 2024.
The inflation for the 30% of the Bottom Income Households as of May 2024 also rose to 10.7% from 10.6% in April 2024.
With the rising trend of Bohol’s IR, especially in food, the provincial government, under Gov. Erico Aristotle Aumentado, is currently in full force in the cloud seeding operations, especially on the agricultural lands.
This intervention benefits most farmers for land preparation for the cropping season, a priority in the Strategic Change Agenda aimed at becoming a smart, resilient province advancing in climate-smart agriculture and environmental sustainability. (PIMO/RJG)
