Cebu City experiences a surge in inflation to 3.5% in December 2024, primarily fueled by rising transport and utility costs. This marks a significant increase from November's 2.8% inflation rate, posing challenges for residents. While some commodity groups showed a slowdown in price increases, transport costs jumped by 13.3%, and housing, water, electricity, gas, and other fuels saw a 2.1% increase.
CEBU CITY — Inflation in Cebu province, fueled by rising transport and utility costs , surged to 3.5 percent in December 2024. This marks a jump from the 2.8-percent inflation recorded in November and highlights the growing economic challenges faced by residents. Transport costs saw the most significant shift, soaring by 13.3 percent in December after recording a 1.7-percent decline the previous month. Housing, water, electricity, gas, and other fuels also witnessed a notable increase of 2.
1 percent, compared to just 0.7 percent in November. Chief statistical specialist Melchor Bautista of the Philippine Statistics Authority Cebu Provincial Office released these data during a press briefing on January 21. He emphasized the crucial role of transport and utility prices in the province's inflation dynamics. While inflation rose overall, several commodity groups displayed slower annual price increases. Food and nonalcoholic beverages saw inflation ease to 3.5 percent in December from 5.2 percent in November. Alcoholic beverages and tobacco declined to 2.5 percent from 5.0 percent, while furnishings, household equipment, and routine maintenance dipped slightly to 4.2 percent from 4.4 percent. Health-related expenses experienced a slowdown, with inflation falling to 2.7 percent from 3.5 percent. Meanwhile, the information and communication sector saw no inflation, dropping to 0.0 percent in December from 0.1 percent in November. Personal care and miscellaneous goods and services followed the trend, easing to 2.3 percent from 2.6 percent.Food and nonalcoholic beverages remained the largest contributor to the province's inflation rate, accounting for 39.8 percent. Transport came in second with a 34.5-percent share, while housing, water, electricity, gas, and other fuels accounted for 12.7 percent. At the national level, inflation climbed to 2.9 percent in December from 2.5 percent in November. In Central Visayas, regional inflation rose to 2.9 percent, compared to November's 2.3 percent. With transport and utility costs at the forefront, Bautista said managing inflation pressures will require careful attention from policymakers to ease the impact on consumers and stabilize the province's economy
Inflation Cebu Transport Costs Utility Costs Economic Challenges
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