TUGUEGARAO CITY, Cagayan (PIA) - - The inflation rate in Cagayan Valley Region went up by 5.9 in the previous month, Philippine Statistics Authority (PSA) Region 2 reported.
Regional Director Marilyn T. Estrada said the inflation rate in the region last August was registered at 5.2 but pushed up in the month of September because of the increase in the prices of food and non-alcoholic beverages; housing, water, electricity, gas and other fuels as well as the services in restaurants and accommodation.
"There was an increase in the electricity rate, the prices of liquified petroleum gas, rentals, sugar, confectionary and desserts, meat, milk, dairy products, eggs, gasoline, diesel and transportation costs. These are the major contributors to last month's high inflation rate," he said.
Estrada also said that only information, communication, and financial services remain constant among the commodity group.
On the provincial level, Batanes registered the highest inflation at 10.1, followed by Quirino at 8.1, Nueva Vizcaya at 6.6, Cagayan at 5.8 while Isabela has the lowest rate at 5.4.
Ernesto de Peralta, chief of the Statistical Operations and Coordination Division, said Batanes incurred the highest inflation due to its geographical location in which they spend a much higher cost for transportation and the prices of commodities are relatively higher as compared to the mainland Cagayan Valley region.
Engineer Ferdinand Tumaliuan, Assistant Regional Director of the National Economic and Development Authority (NEDA) region 2, said the inflation rate hike is temporary only as it is expected to slow down and return to the medium-term target of 2 to 4 percent based on the World Bank's outlook for October.
"Notwithstanding this forecast, the current administration continues to address inflation and assures the Filipino people of its vigilance and steadfast commitment to monitoring and managing these risks," he said.
Tumaliuan also said the government issued Executive Order 171 which extends and modifies tariffs on rice, pork, corn, and coal until December; the Bangko Sentral ng Pilipinas also hiked interest rates; fuel discount to fisherfolk and public transport drivers; while the agriculture department intends to increase the production of various agricultural commodities through an enhanced value system. (OTB/PIA Region 2)