Inflation rate in Bicol slows down in August

LEGAZPI CITY, Oct. 6 (PNA) -— The inflation rate in Bicol had slowed down from 13.7 percent in July 2008 to 13.4 percent in August 2008.

This means that the rapid increase in prices of commodities has shifted to 'low gears' giving the people's purchasing power to recupperate to some extent.

According to the National Statistics Office (NSO) in Bicol, the August inflation rate in the region decreased by 0.3 percentage point compared to the previous month’s rate and was higher by 11.0 percentage points compared to the 2.4 percent inflation rate in the same period last year.

The NSO report said across Bicol, higher inflation rates at double digit were recorded in all the six provinces. The biggest was recorded in the province of Catanduanes (18.8 per cent from 3.0 per cent), followed by Camarines Norte (16.1 per cent from 1.2 per cent), Masbate (15.0 per cent from 2.2 percent), Sorsogon (13.2 percent from 2.8 percent), Camarines Sur (11.9 percent from 0.4 percent), and the lowest was Albay (11.6 percent from 5.3 percent).

On a month-on-month basis, the consumer price index for all income households in the region was registered at 158.6 in August 2008, lower by 0.3 index points as compared to the 158.9 index in July 2008.

With the rate in the price change of commodities, the region’s purchasing power of the peso (PPP) remained at P0.63.