1 month ago
23
CEBU CITY — Inflation in Cebu province, driven by rising costs of transport and utility, surged to 3.5 percent in December 2024.
This marks an increase from the 2.8-percent inflation recorded in November and underscores growing economic challenges for residents.
Transport costs saw the most significant shift, jumping by 13.3 percent in December after recording a 1.7-percent decline the previous month.
Housing, water, electricity, gas and other fuels also posted a notable increase of 2.1 percent, compared to just 0.7 percent in November.
Chief statistical specialist Melchor Bautista of the Philippine Statistics Authority Cebu Provincial Office released these data dur-ing a press briefing on Jan. 21.
Get the latest news
delivered to your inbox
Sign up for The Manila Times newsletters
By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service and Privacy Policy.
He highlighted the role of transport and utility prices in the province's inflation dynamics.
While inflation rose overall, several commodity groups showed slower annual price increases. Food and nonalcoholic bever-ages saw inflation ease to 3.5 percent in December from 5.2 percent in November.
Alcoholic beverages and tobacco declined to 2.5 percent from 5.0 percent, while furnishings, household equipment and rou-tine maintenance dipped slightly to 4.2 percent from 4.4 percent.
Health-related expenses experienced a slowdown, with inflation falling to 2.7 percent from 3.5 percent.
Meanwhile, the information and communication sector saw no inflation, dropping to 0.0 percent in December from 0.1 per-cent in November. Personal care and miscellaneous goods and services followed the trend, easing to 2.3 percent from 2.6 per-cent.
Food and nonalcoholic beverages remained the largest contributor to the province's inflation rate, accounting for 39.8 per-cent. Transport came in second with a 34.5-percent share, while housing, water, electricity, gas and other fuels accounted for 12.7 percent.
At the national level, inflation climbed to 2.9 percent in December from 2.5 percent in November. In Central Visayas, regional inflation rose to 2.9 percent, compared to November's 2.3 percent.
With transport and utility costs at the forefront, Bautista said managing inflation pressures will require careful attention from policymakers to ease the impact on consumers and stabilize the province's economy.
