Bacolod City: Annual rate of price increases in this highly urbanized city and in Negros Occidental province both accelerated to 2.4 percent in May, the Philippine Statistics Authority (PSA) reported Tuesday.

According to Philippines News Agency, PSA data show that the inflation rate in Bacolod City in the previous month stood at 2.2 percent, while it was 2.1 percent for Negros Occidental. However, last month's inflation rates were lower compared to the May 2024 data of 4.5 percent for Bacolod City and 4.2 percent for Negros Occidental.

PSA-Negros Occidental statistical analyst Ligaya Gillesania noted in a press briefing that government policies might be taking effect, considering there is a decrease in inflation rates from the past year. Gillesania expressed hope for slower inflation rates in the coming months.

In Bacolod City, the top two major contributors to last month's inflation rate were housing, water, electricity, gas, and other fuels at 1.8 percent, from 1.2 percent in April, comprising 59.6 percent. This was followed by food and non-alcoholic beverages at 1.5 percent, from 1.3 percent in April, contributing 28.8 percent to the overall inflation. Electricity stood at -2.2 percent against the -4.0 in April.

Meanwhile, the main driver in the upward trend in Negros Occidental were also housing, water, electricity, gas, and other fuels at 4.2 percent, from 2.7 percent in April, contributing 71.5 percent to the overall inflation. Last month's inflation rate for electricity in the province was 7.4 percent compared to 2.4 percent in April, while that of food and non-alcoholic beverages stood at 1.5 percent from 1.3 percent in April.