Legazpi City – The inflation rate in the Bicol region has decreased to 4.5 percent in November, down from 4.7 percent in October, the Philippine Statistics Authority (PSA) 5 (Bicol) reported on Thursday.
According to Philippines News Agency, PSA-5 statistical operations and coordination division chief, this marks a significant decline from the 7.5 percent inflation rate recorded in the same month last year. Luceño attributed the downward trend primarily to slower price increases in housing, water, electricity, gas, and other fuels, as well as in food and non-alcoholic beverages. The top three commodity groups contributing to the November overall inflation were identified as food and non-alcoholic beverages, restaurants and accommodation services, and alcoholic beverages and tobacco. Luceño noted that the regional food inflation rate remained steady at 8.3 percent.