PRICE SITUATION: YEAR-ON-YEAR
The Bicol Region’s inflation rate in August 2021 further accelerated to 7.4% from 6.5% in the previous month. Inflation in August a year ago was lower at 4.0%.
The increase in inflation in August 2021 was attributed to the Inflation Rates of these Commodity/Service groups: Food and Non-Alcoholic Beverages (8.2% from 6.6%), Alcoholic Beverages and Tobacco (14.2% from 14.0%), Clothing and Footwear (5.4% from 4.8%), Housing, Water, Electricity, Gas and Other Fuels (6.3% from 5.4%), Furnishings and Household Equipment and Routine Maintenance of the House (4.2% from 4.1%), and Recreation and Culture (2.0% from 1.7%).
Transport (12.6% from 13.0%) was the only commodity group that went down.
Health (2.2%), Communication (-0.1%), Education (0.1%), and Restaurants and Miscellaneous Goods and Services (7.4%) retained its previous month’s annual growth rates.
Inflation Rate in Camarines Sur is still the highest in the region at 8.4%, followed by Catanduanes at 8.2% and Camarines Norte at 8.0%. Albay and Sorsogon posted lower than that of the region at 6.5% and 5.7%, respectively. Masbate had the same inflation rate as that of the region.
PRICE SITUATION: MONTH-ON-MONTH
On a month-on-month basis, the inflation rate went up to 0.7% from 0.1% last month.
The movement was due to the increase in inflation rates of the heavily-weighted Food and Non-Alcoholic Beverages (1.3% from -0.4%), Alcoholic Beverages and Tobacco (0.3% from 0.1%), Clothing and Footwear (0.7% from 0.5%), and Restaurants and Miscellaneous Goods and Services (0.5% from 0.4%).
Housing, Water, Electricity, Gas and Other Fuels (0.6% from 1.1%), Furnishings, Household Equipment and Routine Maintenance of the House (0.2% from 0.4%), Health (0.1% from 0.7%), Transport (0.2% from 0.6%), and Recreation and Culture (0.1% from 0.2%) were the commodity groups that went down.
Communication and Education retained its previous month’s rates, both at zero percent.
With all the observed price changes in CPI, the Purchasing Power of Peso in Bicol remained at 0.74. Albay stood at 0.73, Camarines Norte at 0.72, Camarines Sur at 0.72, Catanduanes at 0.74, Masbate at 0.75, and Sorsogon at 0.80.