SLT1265 – May 18-24, 2024
In a recent economic report, Southern Leyte has seen a notable uptick in its inflation rate, soaring to 4.9% in April 2024, marking a significant increase from the previous month. This surge in inflation places Southern Leyte at the forefront within the Eastern Visayas region.
The Consumer Price Index (CPI), an indicator of changes in the average retail prices of goods and services commonly purchased by households, experienced fluctuations across various sectors. Notably, sectors such as Food and Non-alcoholic Beverages, Restaurants and Accommodation Services, Health, and Education Services witnessed substantial price hikes, contributing to the overall inflationary trend.
In contrast, certain sectors like Housing, Water, Electricity, Gas, and Other Fuels saw a slight decline in prices, albeit not significant enough to offset the inflationary pressures.
The surge in inflation underscores the economic dynamics at play within Southern Leyte, potentially impacting consumer spending patterns and overall market sentiment. As the region grapples with these inflationary pressures, policymakers and stakeholders may need to implement strategic measures to mitigate the effects on households and businesses.
Furthermore, the Purchasing Power of the Peso, a measure of the real value of the currency relative to a chosen reference period, has declined, indicating potential challenges for consumers in maintaining their purchasing capacity.
Meanwhile, Eastern Visayas witnessed a marginal increase in its inflation rate, reaching 3.6% in April 2024 after experiencing two consecutive months of deceleration. Despite this uptick, the regional inflation rate remains lower than the national average, which stood at 3.8% during the same period.
