Bicol: Inflation in the Bicol Region slowed down to 7.4 percent in July from 7.6 percent in the previous month, driven mainly by slower price increases in food and non-alcoholic beverages, transport, and education services. According to Philippines News Agency, Philippine Statistics Authority (PSA) Bicol Regional Director Cynthia Perdiz reported on Monday that food and non-alcoholic beverages posted a 5.5 percent inflation rate during the month.

'The main sources of the July inflation deceleration are food and non-alcoholic beverages, with a 61.1 percent share, followed by transport with 15.5 percent share and education services with 7.3 percent share,' she said. Among the major components under the commodity group were fruits and nuts at 6.8 percent, meat and other meat products at -8.9 percent, and fish and other seafood at 7.4 percent.

Moreover, transport recorded a 12.8 percent slowdown, with gasoline posting a 36.4 percent rate, and education services registered 1.7 percent, including a 1.2 percent inflation rate for primary education. Despite the overall deceleration, several commodity groups remained major contributors to the region's July inflation.

Housing, water, electricity, gas and other fuels posted 12.3 percent, with rentals at 7.3 percent and electricity at 26.0 percent. The top five contributors to the region's July inflation were rice at 20.4 percent; restaurants, cafes and similar establishments at 11.2 percent; rentals at 7.3 percent; electricity at 26.0 percent; and gasoline at 36.4 percent.

Perdiz added that among Bicol provinces, Camarines Norte recorded the highest inflation rate at 9.4 percent, followed by Camarines Sur (8.4 percent), Sorsogon (7.4 percent), Catanduanes (7.1 percent), Masbate (6.6 percent), and Albay (5.9 percent), the lowest in the region. 'Each province has its own market basket, so they vary in different commodities,' she said.