PRICE SITUATION: YEAR-ON-YEAR
The Bicol Region’s inflation rate in October 2020 slowed down to 4.1 percent from 4.5 percent in the previous month. Inflation in October a year ago was lower at 0.7 percent. The decrease in inflation in October 2020 was attributed to the Inflation Rates of most of Commodity/Service groups: Alcoholic Beverages and Tobacco (10.4 percent from 21.1 percent), Clothing and Footwear (3.1 percent from 3.2 percent), Housing, Water, Electricity, Gas and Other Fuels (1.2 percent from 1.8 percent), Furnishings, Household Equipment and Routine Maintenance of the House (2.9 percent from 3.1 percent), Health (2.0 percent from 2.2 percent), and Recreation and Culture (1.2 percent from 1.6 percent). Food and Non-Alcoholic Beverages (1.7 percent from 1.6 percent) was the only commodity group to go up. Transport (37.4 percent), Communication (0.5 percent), Education (0.1 percent), and Restaurants and Miscellaneous Goods and Services (4.3 percent) retained its previous month’s annual growth rates. Inflation Rate in Catanduanes is still the highest in the region at 7.1 percent. Albay and Sorsogon posted higher inflation rates than that of the region at 5.8 percent and 4.2 percent, respectively. Camarines Norte, Camarines Sur, and Masbate posted lower than that of the region at 2.3 percent, 3.5 percent, and 2.8 percent, respectively.
PRICE SITUATION: MONTH-ON-MONTH
On a month-on-month basis, general prices of consumer items went down to 0.2 percent from 0.7 percent last month. The movement was due to the decrease in inflation rates of these commodity groups. Food and Non-Alcoholic Beverages (0.3 percent from 0.5 percent), Clothing and Footwear (0.5 percent from 0.6 percent), Furnishings, Household Equipment and Routine Maintenance of the House (0.1 percent from 0.7 percent), Health (0.0 percent from 0.1 percent), Transport (-0.1 percent from 6.6 percent), Recreation and Culture (0.0 percent from 0.2 percent), Education (0.0 percent from 0.1 percent), and Restaurants and Miscellaneous Goods and Services (0.2 percent from 0.3 percent). On the other hand, Alcoholic Beverages and Tobacco (0.5 percent from 0.1 percent) and Housing, Water, Electricity, Gas and Other Fuels (-0.2 percent from -0.4 percent) are the commodity groups to go up. Communication (0.0 percent) remained the same. With all the observed price changes in CPI, the Purchasing Power of Peso in Bicol remained at 0.79. Albay stood at 0.77, Camarines Norte at 0.77, Camarines Sur at 0.78, Catanduanes at 0.78, Masbate at 0.80, and Sorsogon at 0.84.