Bicol: The inflation rate in the Bicol Region decreased from 1.7 percent in July to 1.0 percent in August, the Philippine Statistics Authority (PSA-5) reported Tuesday. Rey Merjilla, chief statistician specialist of PSA-5, highlighted key changes in the region's economic indicators for the month.

According to Philippines News Agency, Merjilla explained that the average inflation rate in the Bicol Region from January to August stood at 2 percent. The primary reasons for the decline in August's inflation rate were attributed to decreases in costs related to housing, water, electricity, and fuel, which shifted from 3.1 percent in July to -0.3 percent in August.

The report further detailed that food and non-alcoholic beverages saw a drop from 0.2 percent in July to -0.4 percent in August, while education services decreased from 2.7 percent in July to 1.4 percent in August. Despite these decreases, significant contributors to inflation remained in the sectors of restaurants and accommodation services, personal care and miscellaneous goods and services, as well as health services.

The top five contributors to inflation for August were identified as pig meat, restaurants and cafes, rental costs, other pelagic fish, and freshwater fish. Across the six provinces of the Bicol Region, Sorsogon recorded the lowest inflation rate, decreasing from 1.8 percent to -0.6 percent. Conversely, Catanduanes experienced the highest increase, rising from 2.1 percent to 3.0 percent.

The inflation rates for the remaining provinces were reported as follows: Camarines Norte at 0.4 percent, Albay at 1.3 percent, Masbate at 0.7 percent, and Camarines Sur at 1.2 percent. Inflation reflects the annual rate of change in the consumer price index and indicates the declining purchasing power of money.