Bohol may be known for its chocolate hills and white sandy beaches, but the cost of living has taken an upward turn.
The Philippine Statistics Authority (PSA) has reported that inflation in May 2024 soared to 5.1 percent, marking a significant increase from the 4.3 percent recorded in April.
The inflation rate in the Philippines for May 2024 was 3.9%, slightly up from 3.8% in April 2024.
This marked the highest reading since December 2023, with notable increases in the prices of housing and utilities and transport.
Jessamyn Alcazaren, a PSA statistics specialist, pinpointed housing costs and utilities—including water, fuel, and electricity—as the primary drivers behind this surge.
The rise in inflation reflects the broader economic challenges facing the province as it grapples with the escalating prices of basic commodities.
Despite this uptick, there is a silver lining.
The current inflation rate remains below the 7.1 percent peak experienced in May 2023, suggesting some degree of economic recovery or stabilization.
From January to May 2024, Bohol has seen an average inflation rate of 4.1 percent.
This figure offers a glimpse into the ongoing economic trends within the province and serves as a critical indicator for policymakers and consumers alike.
As Bohol confronts these financial headwinds, residents and officials alike are keenly observing these economic indicators, hoping for a trend towards stabilization that will allow the province to continue to thrive as both a tourist haven and a vibrant community for its citizens, PSA said.