Tuguegarao City, Cagayan – The Philippine Statistics Authority Region 2 bared that the inflation rate of Cagayan Valley Region has spiked to 7.1% in the month of October, citing an increase in the prices of basic commodities.
The PSA added that there is a progression of inflation increase and that October’s hike is significantly higher than the 5.9% recorded last September.
October’s inflation rate has also been logged as the highest the region has logged since August 2021.
According to the agency’s report, Cagayan province has the highest inflation rate among all the five provinces with a 7.4% local increase.
Next to Cagayan is Isabela with 6.8%; followed by Quirino province, Batanes and Nueva Vizcaya.
All five provinces of the region have observed significant climbs in their local inflation rates.
PSA has attributed the increase of the rate to the continuous climb of food prices along with those of non-alcoholic beverages.
Other commodities that have also bloated in prices are tobacco, alcoholic beverages, personal care services, health and recreation, sports and culture, furnishing, among others.
Meanwhile, a slower growth index has also been noted for water, electricity, gas, fuel, transport, footwear, housing and clothes. TNF