Western Visayas is among the regions in the country with the highest inflation rates.
Inflation in the region hit 7.4% in August 2018, data from the Philippine Statistics Authority (PSA) showed.
This meant that from P100 in August last year, the average family in WV spent P107.40 for every purchase in the same month this 2018.
According to the PSA data, prices of rice, vegetable, fish, and meat in the region increased last month.
WV’s inflation rate was higher than the 6.4% national average.
Bicol posted the highest inflation rate in the country at 9%.
The Autonomous Region in Muslim Mindanao (ARMM) had an 8.1% inflation rate while Soccsksargen had 7.9%.
Cagayan Valley (7.1%) and Davao Region (7.1%) were below WV. They were followed by the National Capital Region (7%), Ilocos Region (7), and Zamboanga Paninsula (6.4%).
The country’s August inflation rate was the fastest since March 2009.
The PSA computes inflation based on the Consumer Price Index (CPI).
“CPI measures the average price of the standard basket of goods and services consumed by a household: food products, electricity, gas, and clothing,” a report by GMA News Online said.
“The rate in which the CPI changes refers to inflation. Many factors contribute to the inflation rate. Some of the top contributors of inflation include the prices of rice, vegetables, meat, electricity, gas, tobacco, among others,” the report explained.IMT