PRICE SITUATION: YEAR-ON-YEAR
Inflation Rate in Catanduanes remains at 5.3 in August 2022
The Inflation Rate (IR) in Catanduanes for August 2022 remains at 5.3 percent which translates to a Purchasing Power of the Peso of P 0.83. Comparing it to the same period last year, a lower annual mark-up of 1.1 points was noted on inflation rate of 6.4 in the same period last year.
The acceleration in the inflation rate in August 2022 in the province was primarily due to the higher annual growths in the Education Services commodity group index at 13.9 percent and Transport commodity group index at 9.8 percent. The following commodity groups also contributed to the upward trend of the inflation rate in the province during the month:
a. Alcoholic, Beverages and Tobacco, 8.9 percent;
b. Clothing and Footwear, 7.2 percent;
c. Restaurants and Accommodation Services, 7.0 percent;
d. Recreation, Sport and Culture, 6.5 percent;
e. Personal Care, and Miscellaneous Goods and Services, 5.7 percent;
f. Food and Non-Alcoholic Beverages, 5.2 percent;
g. Health, 3.6 percent;
h. Information and Communication, 3.1 percent;
i. Furnishings, Household Equipment and Routine Household Maintenance, 3.1 percent; and
j. Housing, Water, Electricity, Gas and Other Fuels, 2.0 percent
Financial Services retained their previous month’s inflation rates.
Meanwhile, inflation for food in the province further decreased to 5.2 percent in August 2022, from 5.4 percent in July 2022. In August 2021, food inflation was the same at 6.4 percent.
The uptick in the food inflation was primarily influenced by the double-digit annual growths in the Sugar, Confectionery and Desserts at 30.1 percent; Oils and Fats at 11.9 percent and Ready-Made Food and Other Food Products N.E.C. at 8.5 percent. In addition, higher annual increments were recorded in the following food groups:
a. Cereals and Cereal Products, 6.9 percent;
b. Fish and Other Seafoods, 6.0 percent;
c. Milk, Other Dairy Products, and Eggs, 5.1 percent;
d. Non-alcoholic Beverages, 4.8 percent; and
e. Meat and Other Parts of Slaughtered Land Animals, 4.0 percent.
On the contrary, inflation rates for Vegetables, Tubers, Cooking Bananas and Pulses and Fruits and Nuts were lowered at -4.1 and -9.3 percent respectively.
The indices for Rice and Corn exhibited a higher annual increase of 4.9 and 25.0 percent respectively. (Table 3)
PRICE SITUATION: MONTH-ON-MONTH
On a month-on-month basis, general prices of consumer items accelerated at 0.4 percent compared to last month.
The following Commodity Groups recorded an increase in inflation during the month:
a. Education Services, 13.9 percent;
b. Clothing and Footwear, 1.9 percent;
c. Recreation, Sport and Culture, 1.6 percent;
d. Furnishings, Household Equipment and Routine Household Maintenance, 1.0 percent;
e. Restaurants and Accommodation Services, 1.0 percent;
f. Food and Non-Alcoholic Beverages, 0.8 percent;
g. Information and Communication, 0.7 percent;
h. Health, 0.4 percent;
i. Personal Care, and Miscellaneous Goods and Services, 0.4 percent; and
j. Alcoholic Beverages, Tobacco, 0.2 percent
Transport commodity group registered a decrease in inflation rate compared to last month at -2.0 percent.
Financial Services and Housing, Water, Electricity, Gas and Other Fuels commodity group retained its price indices during the month.