Consumer Price Index for all Income Households in Bicol Region: November 2018

Reference Number: 

2018- 019

Release Date: 

Friday, December 7, 2018
The Bicol Region’s inflation rate in November 2018 exhibited a slower pace at 8.9
percent. Compared to the 0.9 percent inflation rate in the same period last year, the
November 2018 rate was still higher by 8.0 percentage points.
The movement was attributed to the Inflation Rate by almost all of the
Commodity/Service group; Alcoholic Beverages and Tobacco (from 20.2 percent to 24.7
percent), Clothing and Footwear (from 5.7 percent to 6.3 percent), Furnishings, Household
Equipment and Routine Maintenance of the House (from 8.4 percent to 9.9 percent), Health
(from 15.8 percent to 16.4 percent), Recreation and Culture (from 2.9 percent to 3.1 percent)
and Restaurants and Miscellaneous Goods and Services (from 5.5 percent to 5.9 percent).
The heavily weighted Food and Non-Alcoholic Beverages went down (from 13.7
percent to 11.5 percent) along with Transport (from 6.7 percent to 5.2 percent). Housing,
Water, Electricity, Gas and Other Fuels, Communication, and Education remained the same
at 7.6 percent, 1.7 percent, and -22.0 percent, respectively.
Inflation Rate in Camarines Sur is still highest in the region at 10.6 percent. Masbate
also posted a higher Inflation Rate than of the region at 9.5 percent. The rest of the provinces
posted lower Inflation Rate than of the Region. Albay at 8.6 percent, Camarines Norte at 8.3
percent, Catanduanes at 7.9 percent, and Sorsogon pegged at 5.6 percent.
On a Month-on-month bases, the general prices of consumer items went down by
-0.3 percent.
The decrease was observed on Food and Non-Alcoholic Beverages (from -0.2
percent to -1.0 percent), Housing, Water, Electricity, Gas and Other Fuels (from 0.0 percent
to -0.1 percent), Health (from 1.1 percent to 0.7 percent), Transport (from 0.9 percent to
-1.0 percent), Communication (from 0.1 percent to 0.0 percent), and Recreation and Culture
(from 0.5 percent to 0.2 percent).
On the other hand, prices went up on the following Commodity/Service Groups:
Alcoholic Beverages and Tobacco (from 1.6 percent to 3.8 percent), Furnishings, Household
Equipment and Routine Maintenance of the House (from 1.0 percent to 1.4 percent), and
Restaurants and Miscellaneous Goods and Services (from 0.3 percent to 0.4 percent).
Clothing and Footwear and Education remained at 0.6 percent and 0.0 percent
With all the observed price changes in CPI, the Purchasing Power of Peso in Bicol
was observed at 0.83. Sorsogon stood at 0.89 while Camarines Norte and Camarines Sur
at 0.81. Albay and Catanduanes were at 0.84, and Masbate at 0.82.
Consumers’ Price Index - a statistical measure of the change in average retail prices of a
fixed basket of goods and services bought by a specific group of consumers in a given area
in a given period of time.
Purchasing Power of the Currency or Peso (PPP) - a measure of the volume of goods and
services which the currency can buy at any given period relative to that which it could purchase
during the base year. It is computed as the reciprocal of the CPI for the period under review
multiplied by 100.
Market Basket - the total number of goods and services in constant amounts and qualities
which are samples of the goods and services available in the market and included in the
construction of the index. CPI market basket was selected to represent the composite price
behavior of all goods and services purchased by consumers. Composition of the 2012 market
basket was determined based on the results of the 2012 update of the 2006 basket. Provinces
and selected cities had own market baskets.
Base Year - it identifies the base period with which the index relates. It is a period of time
chosen as reference on which a price index is computed. The index for the base year is 100.
Retail Price - the actual price at which retailers sell a commodity on spot or earliest delivery,
usually in small quantities for consumption and not for resale. It is confined to transactions on
cash basis in the free market and excludes black-market prices and prices of commodities
that are on sale as in summer sales, anniversary sales, Christmas sales, etc.
Percent Change - the percent point change expressed as percent of the index of the earliest
Inflation Rate - the annual rate of change or the year-on-year change of the CPI. Inflation is
interpreted in terms of declining purchasing power of money.
Note to Users:
The monthly Consumers Price Index is computed based on the average retail prices
of goods and services collected during the first week and mid-month of the reference