PRICE SITUATION: YEAR-ON-YEAR
The Bicol Region’s inflation rate in February 2015 was recorded at 2.5 percent from 3.2 percent in January 2015. Compared to the 5.5 percent inflation rate in the same period last year, the February 2015 rate was lower by 3.0 percentage points.
The heavily weighted Food and Non-Alcoholic Beverages (5.9 percent from 7.1 percent) and the Alcoholic Beverages and Tobacco (3.1 percent from 4.0 percent) exhibited significant decrease in their indexes. Among the non-food groups, the indices that displayed decrements include Health (0.8 percent from 1.1 percent), Recreation and Culture (0.5 percent from 0.7 percent), Restaurants and Miscellaneous Goods and Services (1.9 percent from 2.1 percent), and Furnishings, Household Equipment and Routine Maintenance of the House (2.6 percent from 2.7 percent).
Conversely, a 1.5 percentage points increase was observed in Transport (-1.1 percent from -2.6 percent) and Housing Water, Electricity, Gas and Other Fuels (-4.4 percent from -4.5 percent) slightly edged-up by 0.1 percentage point. Clothing and Footwear and Education maintained its previous month’s rate of 1.2 percent and 3.7 percent, respectively, while price levels for Communication remained steady with no movements from January to February 2015.
Across provinces, decreased inflation rates were felt in five out of six provinces of the region. Sorsogon posted the largest decline at 2.9 percent from 4.4 percent and Masbate with 1.9 percent from 3.3 percent. Only Albay showed an increase in inflation rate by 0.5 percentage point at 4.1 percent from 3.6 percent.
PRICE SITUATION: MONTH-ON-MONTH
On a month-on-month basis, prices of consumer items declined by 0.8 percentage points from 0.6 percent to -0.2 percent. Groups contributory to the increase were the Food and Non-alcoholic Beverages (-0.4 percent from 1.3 percent), Alcoholic Beverages and Tobacco (0.2 percent from 1.0 percent), and Furnishings, and Household Equipment and Routine Maintenance of the House (0.4 percent from 0.6 percent).
Transport (1.6 percent from -0.7 percent), Housing Water, Electricity, Gas and Other Fuels (-0.3 percent from -0.8 percent), Clothing and Footwear (0.2 percent from 0.1 percent), and Health (0.1 percent from 0.0 percent) had increased rates. Meanwhile, Communication, Recreation and Culture, and Education still showed no movements in price levels since December 2014 until February 2015.
Overall, the January 2015 purchasing power of the peso (PPP) for Bicol Region of 0.68 was maintained in February. This was also true with the rest of the six provinces maintaining its January 2015 real value of peso: Albay (0.72), Camarines Norte (0.67), Camarines Sur (0.68), Catanduanes (0.67), Masbate (0.66) and Sorsogon (0.66).