February 25, 2024

Bicol Express News

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Camarines Sur logs the highest inflation rate in Bicol Region – PSA

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The Philippine Statistics Authority (PSA) in its report revealed that Camarines Sur posted the highest inflation rate the whole Bicol Region in the month of November at 8.9%.

The headline inflation or the increase of prices of products and services in the province are getting harder to reach especially to minimum wage earners, consumers as well as food producers themselves.

According to PSA, there had been a significant increase of 3.4% on inflation compared to last year which logged at 7. 2%

The 8.9% inflation rate is the highest recorded in the province in four years, also the highest since January 2022. In fact, Camarines Sur recorded the fastest rate of price increase on goods and services in the Bicol Region in the month of November.

Just like in the month of October, the main culprit of inflation in the province was the high rate of restaurants and accommodation services, housing, water, power and petroleum products.

Also food and non- alcoholic beverages, alcoholic beverages and tobacco, transport and furnishings household equipment and routine household maintenance also contributed to the inflation.

This means high inflation rate would dwarf the value of the purchasing power, forcing consumers to further shell out more for basic commodities and services.

Moreover, the Bicol region logged 7.5% inflation rate, which was higher compared to the 4.2% last year. It was slightly higher compared to the 7.2% recorded in the month of October.

Based on the PSA data, all provinces in the Bicol Region recorded an increase in prices and services in the month of November. Camarines Sur recorded an increase of 8.1 % inflation rate, followed by Camarines Norte. Sorsogon logged a 7.4 % inflation rate, Masbate at 7.1%, Albay 6. 8 % and Catanduanes at 6. 3%.respectively.