(November
2004) | Did you know that… Inflation
Rate in Region 10 goes up to 7.2%? |
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| The general level of prices of consumer goods and services in Region 10 went up at 7.2 percent in the third quarter of 2004, from 4.2 percent of last year. This increase in the prices of food, beverages & tobacco (FBT) and fuel, light & water (FLW) contributed to the growth. The rate of inflation in a particular month will depend on movements in all prices. | ||||
The costs of rice, fish, meat, eggs, fruits & vegetables, and transportation cost in particular played the big factor in the increase of prices from third quarter of 2003 to third quarter of 2004 while a minimal change increase in the value of personal, medical and other services accelerated the inflation in Northern Mindanao. Prices of clothing, and housing and repair went down to 3.9 percent and 2.9 percent in the third quarter of 2004 from 6.4 percent and 5.9 percent in the third quarter of 2003, respectively. The swelling of prices in all provinces in Region 10 is on the food section where in the Philippine context, food accounts for 50 % of the budget, thus, a price hike will trigger labor groups to ask for a wage increase. Given this, the performance of the agriculture sector in Northern Mindanao should be improved. Time or seasonal |
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commodity, and bad weather, which are beyond human control, contributed much to the rising of prices. The demand of food, mostly fish, meat, fruits and vegetables, is high and yet there is a very low in supply which cause to the rising of prices. If our prices are rising more quickly than those of our competitors abroad, then we will rapidly become uncompetitive and our exports will fall. So it is important to have a leeway for inflation so that the government can stimulate the economy a bit. |
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