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PIA Press Release

Capiz inflation rate goes down to 2.2%

by Jemin B. Guillermo

Roxas City (26 September) -- Capiz inflation rate in August this year was pegged at 2.2 percent, significantly lower than the inflation rate in the same month last year which was recorded at 6.1 percent.

Provincial Statistics Officer Frankie Dordas said that the August's 2.2 percent inflation rate of the province is slightly higher than the July's inflation rate posted at 2.1.

He explained that the increase in the price of food, particularly of commercial rice, contributed to the rise in said inflation rate here last month.

From January to August, the average inflation rate of Capiz was recorded at 2.5 percent, Dordas said.

Earlier, the Asian Development Bank (ADB) in a new major report upgraded its economic outlook and lowered inflation forecast for the Philippines in 2007 and 2008 on the back of solid growth posted by the domestic economy in the first half of the current year.

Malacaņang disclosed that inflation slowed to an average of 2.6 percent during January to august period, as the impact of higher value-added tax in 2006 subsided and the peso's appreciation helped offset higher import prices.

The Asian Development Outlook (ADO) Update revised inflation projections downward to 2.9% in 2007 and 3.5% in 2008, as against the earlier forecasts of 4.8% and 5.0%, respectively.

The government's success in taming inflation and reining in fiscal deficit have improved the business environment, but companies feel that more needs to be done to strengthen infrastructure and reduce costs of complying with regulations, the ADO Update said. (PIA) [top]

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