3rd quarter CAR inflation rate lower than country’s
>> Wednesday, December 19, 2018
BAGUIO CITY
– Cordillera recorded a lower inflation rate compared to the country
based on the third quarter regional economic situationer presented by National
Economic Development Authority-Cordillera Admnistrative Region during the regional
statistics committee meeting on Nov.
26.
The 4.4%
overall inflation rate in CAR is lower than the national inflation rate of the
same period at 6.3%.
Also for the
3rd quarter, among provinces in CAR, Kalinga had the highest inflation
rate in the region at 8.8% while Benguet had the lowest with 4.4%. Overall, all
provinces in the Cordillera region had higher inflation rates compared to the
same period last year. Kalinga and Apayao had significant hikes in inflation
rates, both of which climbed to 6 and 8.2 percentage points, respectively.
Among the
commodities, the highest inflation rate is from alcoholic beverages and tobacco
with 20.6%. Health and transport came in second highest with 6.4% and 5.9%,
respectively. Communication had the lowest inflation with prices barely rising
at 0.1%. Education actually had a negative inflation rate of 1.3%.
In terms of
production, vegetables and corn have declined as compared to the same quarter
last year. Vegetable production decreased from 57,609 metric tons to 51,433
metric tons. These numbers may have contributed to the high inflation rate of
21.8% for Vegetables and 22.5% for Corn.
With respect
to employment, the employment rate remained high at 95%, but it is lower
compared to the same period last year where the rate was 96.6%. Accordingly,
280 workers have been retrenched or displaced during the third quarter.
There were
112 workers from mining and gold exploration while 92 were from the services
sector. Another 62 and 14 workers were retrenched or displaced from
construction and hydroelectric power generation, respectively. By the fourth
quarter, more developments and investments in the region will occur as a result
of the projects currently implemented by DTI, DPWH, DOST & DENR.
The Quarterly
Regional Economic Situationer is produced by the National Economic and
Development Authority Cordillera (NEDA-CAR). It is available on their
website: www.car.neda.gov.ph
0 comments:
Post a Comment