Inflation Rate in CALABARZON Declines in April 2024

by: Edjun Mariposque ****

May 17, 2024

3 minutes

****

The Philippine Statistics Authority (PSA) CALABARZON reported a slight decrease in the region’s inflation rate for April 2024 during a hybrid press conference held on May 15, 2024. Regional Director Charito C. Armonia announced that the inflation rate stood at 3.6 percent, a modest drop from the 3.7 percent recorded in March 2024. This deceleration in price increases is attributed primarily to lower increments in the costs of housing, water, electricity, gas, and other fuels.

According to the PSA, the overall inflation rate’s slowdown was also reflected in the average price increase, which was recorded at 1.9 percent in April 2024, down from 2.4 percent in March 2024. This decrease was influenced by reduced inflation rates in several key commodity groups. Notably, the inflation rate for restaurants and accommodation services dropped to 7.4 percent from 8.3 percent, and for alcoholic beverages and tobacco, it fell to 3.9 percent from 5.7 percent.

The report highlighted varying inflation rates across the different provinces within the CALABARZON region. Batangas saw a significant reduction in its inflation rate, which fell to 3.6 percent in April from 4.7 percent in March. Cavite experienced a similar trend, with its rate decreasing to 2.7 percent from 3.1 percent. Rizal also saw a slight drop in inflation, from 5.5 percent in March to 5.4 percent in April.

Conversely, Quezon province and the City of Lucena recorded notable increases in their inflation rates. Quezon’s inflation rate surged to 4.5 percent in April, up from 2.3 percent in March, while the City of Lucena saw its rate climb from 2.9 percent to 4.5 percent over the same period. Meanwhile, Laguna maintained a steady inflation rate, unchanged at 2.8 percent from the previous month.

The decline in the regional inflation rate is a positive development for the economy, suggesting that the measures to stabilize prices in certain commodity groups are having an effect. However, the increases in Quezon and Lucena highlight that there are still areas experiencing significant inflationary pressures that need to be addressed.

Overall, while the April 2024 inflation report indicates a favorable trend in some areas, it underscores the need for continued vigilance and targeted economic policies to manage inflation effectively across all provinces within CALABARZON. The PSA’s ongoing monitoring and reporting are crucial for guiding these efforts and ensuring a balanced economic environment.

#Edjun Mariposque

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