Bicol: The Philippine Statistics Authority (PSA) 5 (Bicol) reported on Friday that inflation in the region slowed down to 2.7 percent in February from 3.2 percent in January.

According to Philippines News Agency, PSA-5 Director Cynthia Perdiz stated that the February inflation figure is also lower than the 2.9 percent recorded in the same month last year. Perdiz explained that the primary reason for the lower inflation rate is the slower increase in the prices of food and non-alcoholic beverages, which dropped to 2.7 percent from 3.7 percent in January. Additionally, the transport sector saw a slower price movement, registering at 0.0 percent from 2.1 percent in January.

The report highlighted that the main contributor to the decline in food and non-alcoholic beverage inflation is the slower increase in the prices of vegetables, tubers, and others, which now stand at 13.9 percent from 30.4 percent in January. Cereal products, including rice, saw a decrease in price by -4.6 percent from -3.5 percent, while fish and other seafood decreased by 2.7 percent from 3.7 percent.

In terms of transport inflation, the slower increase was primarily due to the price of other passenger transport by road, which had an inflation rate of 0.7 percent from 3.9 percent in January. There was also a decrease in gasoline prices, with inflation at -5.8 percent compared to -3.9 percent in January.

Perdiz further noted that out of the 13 commodity groups, five recorded a slower increase in inflation last month. These groups include non-alcoholic beverages; clothing and footwear; transport; recreation, sports, and culture; and personal care and miscellaneous goods and services.