PRICE SITUATION: YEAR-ON-YEAR
The Bicol Region's inflation rate in February 2022 slightly increased to 2.8% from 2.7% in the previous month. Inflation in February a year ago was higher at 7.2%. The increase in inflation in February 2022 was attributed to the inflation rates of the following commodity/service groups: Clothing and Footwear (4.2% from 3.9%), Housing, Water, Electricity, Gas and Other Fuels (5.1 % from 4.1 %), Furnishings, Household Equipment and Routine Household Maintenance (3.6% from 3.1 %), Health (2 .8% from 2.3%), Information and Communication (0 .1% from -0.1%) and Personal Care, and Miscellaneous Goods and Services (2 .6% from 2.4%). Transport (3.6% from 3.9%), Recreation, Sport and Culture (1 .8% from 2.2%), and Restaurants and Accommodation Services (5.2% from 6.5%), were the commodity groups that went up. Food and Non-Alcoholic Beverages (1 .4%), Alcoholic Beverages and Tobacco (5.9%), Education Services (0.0%), and Financial Services (49.5%) maintained its previous month's annual growth rates. Inflation rate in Sorsogon is highest in the region at 5.5, followed by Masbate at 2.8%. The rest of the provinces posted lower than that of the region. Albay at 2.4%, Camarines Norte and Camarines Sur at 2.3%, Catanduanes at 2.1 %.
PRICE SITUATION: MONTH-ON-MONTH
On a month-on-month basis, the inflation rate slowed down to 0.1 % from 1.0% last month. The movement was due to the decrease in inflation rates of the heavily-weighted Food and Non-Alcoholic Beverages (-0.6% from 2.1 %), Clothing and Footwear (0.6% from 1.0%), and Personal Care and Miscellaneous Goods and Services (0.3% from 0.4%). On the other hand, the inflation rates of Housing, Water, Electricity, Gas and Other Fuels (0.9% from -0 .5%), Health (0.6% from 0.3%), and Restaurants and Accommodation Services (0.8% from 0.3%) went up. Alcoholic Beverages and Tobacco (0.6%), Furnishings, Household Equipment and Routine Household Maintenance (0.5%), Transport (0.6%), Information and Communication (0.2%), Recreation, Sport and Culture (0.4%), Education Services (0.0%) and Financial Services (0.0%) maintained its previous month's rates. With all the observed price changes in CPI, the Purchasing Power of Peso in Bicol Region remained at 0.86. Albay at 0.85, Camarines Norte at 0.87, Camarines Sur and Catanduanes at 0.86, Masbate at 0.87, and Sorsogon at 0.85.