CORTES, Bohol, (PIA)—Owing to the more stable price of rice in August this year compared to the same period last year, and the 96.4 percent share of this basic commodity for every Boholano table, The Philippine Statistics Authority (PSA) noted in Bohol a slow-down in headline inflation, from 4.9 percent in July to 2.1 percent.
In August last year, when the price of rice started to behave rather uncontrollably, the inflation rate was high at 6.0 percent.
By inflation rate, the PSA means the change in prices of basic commodities, that when we say 2.1 percent, it means the prices of the Boholano market basket behaved better that a very minimal change in price, if any gets noted, explained Jessamyne Anne Alcazaren, PSA Bohol chief statistician.
Bohol’s inflation in August, in fact is lower than 1.2 percent than the national inflation and by 1.3 percent than the regional inflation.
The PSA which regularly sends out enumerators to survey price changes, noted that the slower annual increment of prices in food and non-alcoholic beverages monitored at 3.5 percent in August as against 8.0 percent in July, and the transport’s annual drop on 1.1 percent, from 3.8 percent in July, influenced the inflation rate.
These were also bolstered by a good price performance in housing, electricity, gas and other fuels, from 0.9 percent to -0.7 percent this month.
To this, food inflation in August 2024 also slowed dragged by the annual increment in rice price from 23.7 percent in last year to 11.2 percent.
From a little over P40 s kilo in in July, rice price got wayward and the reached heights, that forced the government to issue price ceilings.
Since then, rice price hovered and stayed with almost little price increases.
Moreover, PSA also noted in August the slow decline of the index price of fish and other seafood from -3.5 percent in July to 6.7.
And then, meat and other parts of slaughtered land animals also showed a slow increase in prices, registering only 2.7 percent from 4.9 percent in July.
In fact, Alcazaren pointed out that5 the main contributors for food inflation are rice, meat and other parts of slaughtered land animals and ready made food and other food products. (RAHC/PIA-7/Bohol)
