PRICE SITUATION: YEAR-ON-YEAR
The Bicol Region’s inflation rate in July 2018 surged to 7.4 percent. Compared to the 0.9 percent inflation rate in the same period last year, the July 2018 rate was higher by 6.5 percentage points. The escalation was attributed to the Inflation Rate by the Food and Non-Alcoholic Beverages (from 9.6 percent to 10.9 percent), Alcoholic Beverages and Tobacco (from 16.9 percent to 17.4 percent), Clothing and Footwear (from 3.8 percent to 4.3 percent), Housing, Water, Electricity, Gas and Other Fuels (from 3.6 percent to 4.4 percent), Furnishings, Household Equipment and Routine Maintenance of the House (from 5.7 percent to 6.5 percent), Health (from 12.5 percent to 13.3 percent), Transport (from 4.4 percent to 5.3 percent), Communication (from 1.4 percent to 1.7 percent), Recreation and Culture (from 1.3 percent to 1.7 percent) and Restaurants and Miscellaneous Goods and Services (from 3.0 percent to 4.1 percent). Education was the only Service group that went down from 1.1 percent to -22.4 percent. Inflation Rate in Camarines Norte increased to 9.1 percent. On the other hand, Masbate and Albay slowed down to 8.6 percent and 7.7 percent, respectively. Sorsogon is at 5.6 percent and Camarines Sur and Catanduanes were at 7.0 percent.
PRICE SITUATION: MONTH-ON-MONTH
On a Month-on-month bases, the general prices of consumer items persisted at 0.3 percent. Notable decrease was noted on the prices of Education (from 1.1 percent to -23.2 percent) and Transport (from 1.6 percent to -0.7 percent). On the other hand, prices went up on the following Commodity/Service Groups; Food and Non-Alcoholic Beverages (from 0.6 percent to 1.0 percent), Clothing and Footwear (from 0.2 percent to 0.5 percent), Housing, Water, Electricity, Gas and Other Fuels (from -0.6 percent to 0.9 percent), Furnishings, Household Equipment and Routine Maintenance of the House (from 0.1 percent to 1.1 percent), Health (from 0.5 percent to 0.7 percent), Communication (from -0.3 percent to 0.3 percent), Recreation and Culture (from 0.2 percent to 0.4 percent) and Restaurants and Miscellaneous Goods and Services (from 0.1 percent to 1.1 percent). Alcoholic Beverages and Tobacco remained at 0.4 percent. With all the observed price changes in CPI, the Purchasing Power of Peso in Bicol managed at 0.85. Sorsogon is stronger than the region’s PPP at 0.90 while Camarines Norte slipped at 0.82. Albay and Catanduanes pegged at 0.85. Camarines Sur and Masbate were at 0.84 and 0.83, respectively.