BAGUIO CITY – Cordillera recorded a lower inflation rate compared to the country based on the Third Quarter Regional Economic Situationer, presented by NEDA-CAR during the Regional Statistics Committee meeting held on November 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