CAR inflation rate stable-A A +A
Thursday, May 29, 2014
THE annual inflation rate or the speed of price increase in Cordillera Administrative Region for all items of different commodity groups remained stable at 2.7 percent from March to April 2014.
According to the analysis of the National Statistical Coordination Board, based on the data provided by the National Statistics Office, the region's inflation rate is still the lowest in the entire country at 1.4 percentage points below the national average.
"In general, may stability ng prices [dito]," Betina Joy Villanueva, Statistician I from the NSO told Sun.Star Baguio adding it is a good indication there is control in the increase and decrease of prices of commodities in CAR.
Although the general inflation rate remained the same as March, there are minimal changes in the inflation rate in the different specific commodity groups.
Among all commodity groups, Education, which retained the inflation rate at 8.4 percent registered the highest which included goods and services in pre-primary, primary, secondary, tertiary education and education non definable by level.
Subsequently, Alcoholic Beverages and Tobacco has an inflation rate of 6.0 percent, which bogged down from 7.8 percent on March followed by Furnishing, Household Equipment and Routine Maintenance of the House at 4.4 from 4.6 percent.
There was a 0.2 percentage point decline in the inflation rate of Health and Clothing and Footwear from 1.5 to 1.3 percent and from 2.9 to 2.7 percent, respectively.
The price increase for Food and Non-Alcoholic Beverages, which had 3.4 eased by 0.1 percentage point to 3.3 percent. A downtick of 0.1 percentage point each was also recorded for Recreation and Culture from 2.1 to 2.0 percent and Restaurants, Miscellaneous Goods and Services from 3.1 to 3.0 percent.
On the other hand, an increase of 0.1 percentage points was posted by Housing, Water, Electricity, Gas and other fuels from 0.6 to 0.7 percent.
Inflation rate for Communication remained at 0.2 percent.
Villanueva said there is no surprise to the stability of prices in the region because sudden increase or decrease of the inflation rate is only expected in times of disasters where there is a great demand of commodities, which is usually taken advantage by suppliers.
She also explained the prices of goods and services in the different commodity groups were based on the prices in various outlets located in development areas of the different provinces in the region.
"Automatic kasama diyan yung mga provincial capital and there were other municipalities considered kung saan malakas yung trade," she said.
In the country, the Department of Trade and Industry monitors and stabilizes the prices of local goods and services while Bangko Sentral ng Pilipinas monitors both local and imported commodities.
Published in the Sun.Star Baguio newspaper on May 30, 2014.