Central Visayas inflation rate up 7.2% in May

Inflation rate in Central Visayas rose to 7.2 percent in May, from 3.8 percent in the same period last year, latest record from the National Statistics Office (NSO-7) showed.

The increase of inflation rate is blamed on the upward movements of the inflation level in almost all of the major commodity groups particularly in services.

Index for this commodity group showed an annual increment of 11.1 percent as prices of transportation and communication service soared up.

Generally in Central Visayas, prices of consumer goods and services inched up in a year's time.

In effect, the Consumer Price Index (CPI), which measures average changes in retail prices, registered 133.1 in May 2005 from 124.2 in the same period last year.

Across provinces, a large increase of the inflation rate was noticed in Bohol when the last year's 3.8 percent currently reflected 9.7 percent and this is the highest figure recorded among the provinces in the region for the month of May.

The lowest inflation of 7.3 percent was noticed in Cebu and Negros Oriental although this is still higher compared to the past year's 2.5 percent and 3.2 percent, respectively.

Siquijor exhibited 7.5 percent inflation from 6.3 percent a year ago.

For the period April to May 2005, consumer prices throughout the region showed minimal increases. The CPI, which is measured at 132.6 in April, went up to 133.1 or an increase of only 0.4 percent.

All of the commodity groups posted monthly increases. The services index had the highest growth of 0.9 percent as transportation and communication costs went up in a month period.

This was followed by fuel, light and water (FLW) index that showed an increment of 0.8 percent due to the rising cost of fuel.

In a monthly review, the region's inflation rate inched up by 0.1 percentage point from7.1 percent in April 2005.

Likewise, inflation rate in Negros Oriental inched up. While Bohol remained stable, inflation level showed down in Cebu and Siquijor.

The worth of peso in the region during 2000 as the base year, now valued only 75 centavos, the same as in the previous month.

However, the current figure is much below by six centavos compared to the 81 centavos purchasing power of peso recorded in May last year.

Siquijor, the smallest province in the region reflected the highest PPP (purchasing power of peso) among other provinces with 78 centavos, although lower from 83 centavos in the previous year.

The peso likewise devaluated in Negros Oriental in which PPP displayed only 76 centavos and moreover in the provinces of Bohol and Cebu wherein both have only 75 centavos.