Inflation rate in Eastern Visayas eases to a record low in June at 1.5%

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By PSA-8
July 12, 2019

TACLOBAN CITY – The Inflation Rate (IR) in Eastern Visayas continued to decline to 1.5 percent in June 2019, the lowest since June 2018. This figure is 0.1 percentage point lower compared with the 1.6 percent IR a month ago, and 4.8 percentage points lower compared with the 6.3 percent IR recorded in the same period last year. The regional inflation rate is 1.2 percentage points lower than the 2.7 percent national average in June 2019.

The provinces of Eastern Samar, Leyte, Northern Samar and Southern Leyte registered lower IRs in June 2019 compared with their figures in the previous month. Northern Samar recorded the biggest drop of 1.3 percentage points, from 1.2 percent in May 2019 to -0.1 percent in June 2019. On the other hand, Biliran registered a 3.1 percentage points increase in IR, from -2.9 percent in May 2019 to 0.2 percent during the reference month. Samar also inched up to -0.1 percent in June 2019 from its -0.2 percent IR a month ago. Among the provinces, Northern Samar and Samar posted the lowest with negative IR at 0.1 percent, while Leyte recorded the highest IR during the month in review at 3.2 percent (Table 1).

Majority of the commodity groups in the region exhibited faster IR in June 2019 compared with their rates in May 2019. These were however offset by the decreases recorded in transport, food and non-alcoholic beverages, and health commodity groups.

Transport commodity group registered the biggest drop of 2.2 percentage points, from 5.9 percent in May 2019 to 3.7 percent during the month in review.

The heavily weighted food and non-alcoholic beverages declined by 0.8 percentage point to 1.5 percent in June 2019 from its previous month’s rate of 2.3 percent. Lower IRs were noted in majority of the items. Fish registered the highest decrease of 2.9 percentage points, from 5.6 percent in May 2019 to 2.7 percent in June 2019. Fruits and rice indices continued to register negative IRs at 6.5 percent and 2.3 percent, respectively.

Health commodity group eased down slightly to 3.5 percent during the reference from 3.6 percent in May 2019.

Meanwhile, the commodity group of housing, water, electricity, gas and other fuels increased to 1.1 percent during the month in review, 2.2 percentage points higher compared with the -1.1 percent IR in May 2019. This can be traced to higher IRs in the indices for actual rentals for housing; maintenance and repair of the dwelling; and electricity, gas and other fuels.

IR for restaurant and miscellaneous goods and services commodity group went up to 3.2 percent in June 2019 from 2.3 percent in May 2019. Similarly, IR for clothing and footwear commodity group and communication commodity group increased by 0.6 percentage point each, pushing their IRs to 3.2 percent and 0.9 percent, respectively, during the month in review.

Increased IRs were also noted in the commodity groups for furnishings, household equipment and routine maintenance of the house; alcoholic beverages and tobacco; and recreation and culture recording IRs of 6.1 percent, 4.1 percent, and 4.0 percent, respectively.

The Purchasing Power of Peso (PPP) of the region remained at P0.80 in June 2019. This PPP implies that P100.00 in 2012 (base year) is worth P80.00 only in June 2019.

Biliran posted a P0.03 decrease in PPP compared with its figure in May 2019, while Samar’s PPP weakened by P0.01. The rest of the provinces sustained their PPP last month. Southern Leyte recorded the strongest PPP at P0.82. Biliran and Leyte ranked second at P0.81, followed by Eastern Samar at P0.79. Northern Samar and Samar posted the weakest PPP at P0.76.