To the dismay of the consumers, Eastern Visayas recorded the highest inflation rate for the past four years at 7.5 percent as of July 2022 due to rising prices of food and non-alcoholic beverages.
Inflation rate is the annual rate of change or the year-on-year changes in the consumer price index and indicates how fast or how slow price changes year-on-year.
In June 2022, EV recorded 6.8 percent which is significantly lower than the current rate which is by far the highest in the record since November 2018 and higher than the current 6.4 percent national rate.
Of the six provinces in the region, Northern Samar posted the highest rate at 10.1 percent, Southern Leyte came at 9.8 percent, followed by Leyte at 7.2 percent; Eastern Samar at 7.1 percent; and Biliran at 7.0 percent while Samar registered the lowest inflation rate at 6.5 percent.
Philippine Statistics Authority (PSA) Regional Director Wilma Perante explained that the main source of the upward trend for the July 2022 rate was the higher annual growth rate in the index for food and non-alcoholic beverages at eight percent, from 6.7 percent in the previous month followed by the Housing, water, electricity, gas, and other fuels at 9.5 percent rate, from the 8.4 percent last June.
On a lighter note, Tacloban city, the lone highly urbanized city in the region, recorded an inflation of 5.2 percent in July 2022, lower than its 5.8 percent last June.
However, Perante added that contrary to common knowledge low inflation does not necessarily mean that the prices of commodities are decreasing. It means that prices continue to increase but at a slower rate.
There had been a noticeable increase in inflation of rice at 2.9 percent; meat and other parts of slaughtered land animals at 24.4 percent; flour, pasta, cereals, bread, and other bakery products at 7.2 percent.
Sugar, confectionery, and desserts also spiked up to a double-digit rate of 11.6 percent in July 2022 from 7.4 percent in June 2022.
"Waray man kita mahihimo"
Despite the alarming reports, consumers can only groan and mumble over the current prices as they can only admit to feeling helpless over the current situation in the region.
"Makahuhulop gad kada nakita ka hit mga presyo ngan baraydan. Nag increase gad man an minimum wage ada kay bumawi man liwat ha kamamahal hit mga papliton pero kay mag aano man kita kay asya na gud ada ito, mag titikamahal nala pirmi," a costumer in a local grocery said.
In 2020, the highest recorded national inflation rate was at 3.3% in the month of December while in 2021 the highest was recorded in August at 4.4%.