Negros Oriental: Negros Oriental's inflation rate in 2024 slowed down despite the looming threat of a major eruption of Mt. Kanlaon, an official from the Philippine Statistics Authority (PSA) said Friday. Engr. Ariel Fortuito, PSA-Negros Oriental chief statistical specialist, highlighted that the slowdown in inflation last year reflects the effectiveness of government efforts to manage price stability.
According to Philippines News Agency, Fortuito noted during a press conference that last year showed a significant improvement in inflation trends compared to 2023. PSA data revealed that December 2024's headline inflation slightly rose to 1.0 percent from 0.9 percent in November, marking a dramatic drop from December 2023's 5.6 percent.
The average inflation rate for 2024 settled at 3.2 percent, with March recording the highest rate at 5.8 percent and November the lowest. The December inflation uptick was driven by increases in transport costs, housing, water, electricity, gas, and other fuels. Other significant contributors included food and non-alcoholic beverages, education services, and housing-related commodities.
Fortuito warned of potential price hikes in vegetables, as Canlaon City, a key supplier, could face disruptions due to Mt. Kanlaon's activity. A major eruption affecting coastal waters could also lead to increased fish prices. 'We remain hopeful that a major eruption will not occur,' Fortuito said.
