Consumer Price Index for all Income Households in Bicol Region: May 2022

Reference Number: 

2022-012

Release Date: 

Wednesday, June 8, 2022

PRICE SITUATION: YEAR-ON-YEAR

The Bicol Region’s inflation rate in May 2022 increased to 4.9% from 4.2% in the previous month. Inflation in May a year ago was higher at 7.1%. The increase in inflation in May 2022 was attributed to the inflation rates of the following commodity/service groups: Food and Non-Alcoholic Beverages (4.5% from 3.5%), Clothing and Footwear (4.6% from 4.5%), Housing, Water, Electricity, Gas and Other Fuels (6.9% from 6.2%), Health (2.6% from 2.5%), Transport (8.1% from 6.9%), and Personal Care, and Miscellaneous Goods and Services (2.7% from 2.4%). On the other hand, inflation of the following commodity groups slowed down: Alcoholic Beverages and Tobacco (4.6% from 4.7%), Furnishings, Household Equipment and Routine Household Maintenance (3.7% from 3.8%), and Restaurants and Accommodation Services (2.7% from 3.0%), Information and Communication (0.5%), Recreation, Sport and Culture (1.6%), Education Services (0.0%), and Financial Services (0.0%) maintained its previous month’s annual growth rates. Inflation rate in Sorsogon is the highest among provinces in the region at 6.2%, followed by Albay at 5.2%, and Masbate at 5.0%. The rest of the provinces posted lower than that of the region. Camarines Norte at 3.1%, Camarines Sur at 4.7%, and Catanduanes at 3.6%.

PRICE SITUATION: MONTH-ON-MONTH

On a month-on-month basis, the inflation rate accelerated to 0.7% from 0.2% last month. The movement was due to the increase in inflation rates of the following: Food and Non-Alcoholic Beverages (0.6% from -0.2%), Alcoholic Beverages and Tobacco (1.1% from 0.9%), Clothing and Footwear (0.7% from 0.3%), Housing, Water, Electricity, Gas and Other Fuels (0.8% from 0.0%), Health (0.3% from 0.0%), Restaurants and Accommodation Services (0.2% from 0.1%), and Personal Care and Miscellaneous Goods and Services (0.4% from 0.3%). On the other hand, the inflation rates of Transport (1.3% from 1.5%), and Recreation, Sport and Culture (0.1% from 0.2%) went down. Furnishings, Household Equipment and Routine Household Maintenance (0.3%), Information and Communication (0.0%), 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 declined to 0.84. Albay at 0.83, Camarines Norte at 0.86,Camarines Sur and Catanduanes at 0.85, Masbate at 0.86, and Sorsogon at 0.84.