Calabarzon residents have had to shell out more money even for such mundane expenses as food, according to the Philippine Statistics Authority (PSA).
Reflecting the national trend, PSA data shows a steep rise in the region's inflation rates last September, with food and non-alcoholic beverages reporting the highest rate of inflation.
Inflation for food and non-alcoholic beverages increased to 5.4 percent in September, up from 2.1 percent in August, according to the latest data released by PSA.
Most notably, staple items including rice and cereal inflation reached 12.1 percent in September from 11.3 percent the previous month.
Household and commuting costs also increased across the region.
Basic utilities including housing, water, electricity, gas, and other fuels also saw a significant increase at 10.3 percent in September from 8.8 percent in August.
Most notably, electricity prices surged at 15.4 percent in September from 13.8 percent in the previous month.
Charito Armonia, Regional Director for PSA CALABARZON, highlighted that inflation rates indicate changes in the cost of living in the region.
Armonia clarified that inflation presents implications for purchasing power or the quantity of goods and services that consumers can buy. Higher inflation rates meant rising average price levels, which meant consumers’ money can buy less than before.
“The clearest consumer implication is reduced purchasing power. Households need to spend more to buy the same goods and services. Higher costs in food, housing-related expenses, and transport can also place pressure on household budgets and business operations costs,” she said.
“In simpler terms, inflation means that consumers’ money buys less than before because the average price level has risen.”
Despite changes in global oil prices, the PSA clarified that increasing transport and household-energy related prices is also determined by several factors.
In Calabarzon, transport inflation was at 11.9 percent; housing, water, electricity, gas and other fuels was at 10.3 percent; while electricity inflation was at 15.4 percent–all of which indicate higher price pressures in transport and household utilities.
Concerns have been raised about the impact of the high inflation rates to consumers, even as minimum-wage earners in the region received a modest wage hike this month.
Starting October 16, minimum-wage workers in Calabarzon saw their daily wages increase to P550 to P645 (depending on their location), up from P508 to P600 per day in September.
(With report from PIA/OpinYon News Team)