BICOL-MAN

"Be Cool Man"

Bicol records 4.0 % annual inflation rate in 2010


Source: pia.gov.ph

…0.6% slower than 2009

LEGAZPI CITY, (PIA) — The National Statistics Office (NSO) in Bicol has noted an average annual inflation rate in Bicol Region for the year 2010 was 4.0 percent, slower by 0.6 percentage point than the 4.6 percent average in 2009.

NSO Bicol chief Cynthia Perdiz said that the increment in the annual inflation rate was due to the higher rates recorded in the food, beverages and tobacco (2.5 percent from 2.4 percent); fuel, light and water (11.8 percent from 8.0 percent) and miscellaneous items (2.1 percent from 2.0 percent).

Perdiz said that at the regional level, the year-on-year inflation rate increased to 3.0 percent in December 2010 from 2.7 percent in November 2010, wherein rates were maintained in the indices of clothing (1.3 percent) and housing & repairs (1.7 percent) while the annual price hike was slower in the services index at 2.3 percent from 2.5 percent.

She added that across provinces, annual price movements were slower in Catanduanes at 2.3 percent from 2.8 percent and Masbate at 1.5 percent from 1.9 percent. In contrast, higher annual inflation rates were registered in Albay (3.9 percent from 2.7 percent), Camarines Norte (3.6 percent from 3.4 percent), Camarines Sur (3.1 percent from 2.9 percent) and Sorsogon (3.6 percent from 3.5 percent).

On price situation

NSO Bicol data, meanwhile, show that the consumer price index (CPI) for all income households in the region was registered at 169.3 in December 2010, higher by 1.3 index points from the recorded CPI of 168.0 in November 2010.

“In terms of rate, the all items month-on-month inflation rate was registered at 0.8 percent in December from 0.3 percent growth in November,” Perdiz noted.

The same data also show that the over-all month-on-month rate of food, beverages and tobacco (FBT) index increased to 0.5 percent in December 2010 from 0.1 percent in November 2010.

“This could be attributed to the higher rates observed in the indices of fish (0.2 percent from -0.1 percent), meat (0.1 percent from -0.6 percent), miscellaneous foods (1.5 percent from 0.6 percent), beverages (0.3 percent from 0.0 percent) and tobacco (0.3 percent from 0.1 percent),” she explained.

However, according to the NSO Bicol director, these increases were counterbalanced by the negative rate continuously posted in the cereal and cereal preparations (-0.1 percent from -0.3 percent) due to the enough supply of rice and corn in the markets.

Meanwhile, the data also show that dairy products index and fruits & vegetables index maintained the previous month’s rate of 0.1 percent and 1.4 percent, respectively.

In the same report, zero percent growth was still observed in the housing & repairs index while slower price increment was noted in the miscellaneous items index at 0.1 percent from 0.2 percent.

On the other hand, a notable increase was recorded in fuel, light and water index from 3.1 percent in November 2010 to 5.9 percent in December 2010 due to the upward adjustments in the charges for electricity rates and add-ons in the prices of LPG and kerosene. The general price increments in gasoline and diesel nationwide raised the services index in the region by 0.4 percent from 0.2 percent.

Meanwhile, the clothing index maintained its November rate of 0.1 percent. The overall rate of the non-food index was recorded at 1.2 percent from 0.7 percent.

With such prices of the commodities and services, the Bicol Region’s purchasing power of peso (PPP) declined by one centavo from P0.60 to P0.59.

Likewise, PPP declined by one centavo in the provinces of Albay (P0.57 from P0.58) and Sorsogon (P0.58 from P0.59). On the other hand, the November 2010 PPP was maintained in Camarines Norte (P0.58), Camarines Sur (P0.62), Catanduanes (P0.55) and Masbate (P0.60). (MALoterte, PIA V/Albay)

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