The headline inflation in Bicol Region further accelerated to 8.8 percent in February 2023, from 8.3 percent in January 2023. In February 2022, inflation was lower at 2.8 percent. The average inflation rate for the first two months of the year stood at 8.5 percent. 

The main driver in the uptrend of inflation in February 2023 was the higher year-on-year increase in the index of housing, water, electricity, gas and other fuels at 11.9 percent, from 10.2 percent in January 2023.  This was followed by food and non-alcoholic beverages at 9.8 percent, from 9.3 percent in January 2023. Also contributed to the increase in inflation was restaurants and accommodation services with an inflation rate of 7.1 percent in February 2023, from 6.3 percent in January 2023.

Relative to their annual rates in the previous month, higher annual increases were also observed in the indices of the following commodity groups:

    a.  Alcoholic beverages and tobacco, 9.3 percent;
    b.  Clothing and footwear, 9.4 percent;
    c.  Recreation, sport and culture, 4.5 percent
    d.  Restaurants and accommodation services, 7.1 percent, and
    e.  Personal care, and miscellaneous goods and services, 6.5 percent.

On the contrary, lower annual increase was observed in the index of furnishings, household equipment and routine household maintenance at 4.7 percent, health at 3.1 percent, transport at 6.9 percent, and information and communication at 1.1 percent.

Meanwhile, education services and financial services remained at their previous month’s annual rates of 2.4 percent and 0.0 percent, respectively.

The higher food inflation was mainly brought about by the increased year-on-year growth in the index of fish and other seafood at 11.9 percent in February 2023, from 7.5 percent in January 2023. Moreover, higher annual mark-ups were observed in the indices of the following food groups during the month:

    a.  Corn, 6.9 percent;
    b.  Meat and other parts of slaughtered land animals, 0.9 percent;
    c.  Milk, other dairy products and eggs, 13.7 percent;
    d.  Fruits and nuts, 1.4 percent; and
    e.  Ready-made food and other food products not elsewhere classified (n.e.c.), 9.5 percent;

Meanwhile, lower annual growth rates were observed in the indices of the following food groups in February 2023:

    a.  Oils and fats, 15.9 percent;
    b.  Vegetables, tubers, plantains, cooking bananas and pulses, 41.0 percent; and
    c.  Sugar, confectionery and desserts, 47.5 percent.

The index of rice retained its previous month’s growth rate of 1.6 percent.

Table 1. Year-on-Year Inflation Rates of Selected Food Items in Percent, February 2022, January 2023 and February 2023: Bicol Region

^(2018=100)

Table 2. Inflation Rate (IR) and Purchasing Power of the Peso (PPP) in Bicol Region, by Province: February 2022, January 2023 and February 2023

^(2018=100)

Table 3. Year-on-Year Inflation Rate (IR) by Commodity/Service Group, February 2022, January 2023 and February 2023: Bicol Region 

^(2018=100)

Table 4. Consumer's Price Index for All Income Households in Bicol Region, by Province and by Commodity/Service Group: February 2023

^(2018=100)

Table 5. Consumer's Price Index and Month-on-Month IR for All Income Households by Commodity Group: January 2023 and February 2023

^(2018=100)