Iloilo City: Inflation in Western Visayas slightly increased to 3.4 percent in December 2024 from 3.2 percent in November, according to the Philippine Statistics Authority (PSA). The region's annual average inflation rate for 2024 stood at 3.7 percent, which is higher than the national average of 2.9 percent.

According to Philippines News Agency, PSA Statistical Specialist Cherry Ann Gallego attributed the rise to faster price increases in housing, water, electricity, gas, and other fuels, which saw an increase of 4.8 percent. The transportation sector recorded a rise of 1.8 percent, while furnishings, household equipment, and routine maintenance went up by 4.1 percent. Other significant contributors to the inflation rate included alcoholic beverages and tobacco, information and communication, as well as recreation, sport, and culture.

Food and non-alcoholic beverages were the primary contributors, accounting for 35 percent of the inflation rate. This was followed by housing, water, electricity, gas, and other fuels at 26.5 percent, and restaurants and accommodation services at 10.2 percent.

Among the provinces, Iloilo registered the highest inflation rate at 4.2 percent, despite a slight deceleration from 4.4 percent in November. In contrast, Guimaras recorded the lowest inflation rate at 2.8 percent, which was an increase from 2.5 percent. Iloilo City experienced the steepest increase, with inflation climbing to 5.4 percent from 3.4 percent.

Gallego advised consumers to strategize spending and exercise discipline, particularly in electricity usage, to cope with the rising inflation.