Despite rising fuel prices caused by the Middle East conflict, inflation in the province of Iloilo slowed down in March, according to the Philippine Statistics Authority (PSA).
Inflation, or the rate at which the prices of basic goods and services rise, settled at 3.4 percent last month, lower than the 3.8 percent recorded in February.
Jerry Dolutan, chief statistical specialist of PSA-Iloilo, said the slight decrease was driven by a “strong agricultural production and the massive campaign on renewable energy.”
Inflation for the housing, water, electricity, gas and other fuels category significantly dropped to -0.6 percent from 5.9 percent.
The overall drop was also driven by slower inflation for food and non-alcoholic beverages (from 4.7 percent to 0.2 percent), and personal care, and miscellaneous goods and services (5 percent to 4.7 percent).
Meanwhile, the top contributors to last month’s inflation were restaurant and accommodation services (38.3 percent), transport (10.9 percent), and and alcoholic beverages and tobacco (7.1 percent).
Dolutan specifically cited the transport group, which only ranked second in terms of contribution to inflation amid the ongoing energy crisis.
The official said the province’s initiatives to promote renewable energy could have helped cut expenses, while the adequate supply of agricultural and fishery products could have contributed to lower food prices.
“Iloilo is self-sufficient in vegetables and fish. Even the price of meat has gone down. This is a big help for the people of the province,” Dolutan added.IMT
