Consumer Price Index for All Income Households in Region V March 2023. (2018=100) | Philippine Statistics Authority V

Release Date :

Friday, April 7, 2023

Reference Number :

2023-008

The headline inflation or the overall inflation in Bicol Region slowed down to 7.1 percent in March 2023 from 8.8 percent in February 2023. Inflation rate in March 2022 was lower at 3.8 percent. The average inflation for the first quarter of 2023 stood at 8.1 percent.

Among the 13 commodity groups, the downtrend of the overall inflation in March 2023 was mainly brought about by the heavily-weighted food and non-alcoholic beverages, which recorded a lower inflation rate of 8.0 percent from 9.8 percent in the previous month. This was followed by housing, water, electricity, gas and other fuels with an inflation rate of 8.0 percent from 11.9 percent in the previous month. The third primary driver of the downtrend of the headline inflation during the month was transport, which recorded a 3.6 percent inflation rate from 6.9 percent in February 2023.

Other commodity group that contributed to the downtrend in the March 2023 headline inflation was Furnishings, Household Equipment, and Routine Household Maintenance, which registered a lower inflation rate during the month at 4.5 percent compared with the previous month’s inflation rate.

In contrast, higher inflation rates were observed in the following commodity groups:

a. Alcoholic beverages, and tobacco, 10.9 percent;
b. Health, 3.4 percent;
c. Information and communication, 1.2 percent;
d. Recreation, sport and culture, 4.9 percent;
e. Restaurants and accommodation services, 7.4 percent; and
f. Personal care, and Miscellaneous Goods and Services, 6.6 percent

The indices of clothing and footwear and education services retained their corresponding previous month’s annual increments at 9.4 percent and 2.4 percent. Similarly, the annual rate in the financial services index remained at zero percent.

In terms of contribution to the March 2023 headline inflation rate, the top three commodity groups were the following:
a. Food and non-alcoholic beverages with 51.3 percent share or 3.6 percentage points;
b. Housing, water, electricity, gas and other fuels at 20.8 percent share or 1.5 percentage points; and
c. Restaurants and accommodation services at 6.7 percent share or 0.5 percentage points.

Food inflation at the regional level also moved downward at 8.1 percent in March 2023 from 10.0 percent in February 2023. In March 2022, food inflation was lower at 3.0 percent.

The primary driver of slower food inflation was the lower annual growth in the index of vegetables, tubers, plantains, cooking bananas and pulses at 29.2 percent from 41.0 percent in February 2023. This was followed by fish and other seafood at 8.3 percent from 11.9 percent, and rice at 0.6 percent from 1.6 percent.

Lower inflation rates during the month were also noted in the indices of the following food items:

a. Meat and other parts of slaughtered land animals, 0.2 percent;
b. Oils and fats, 14.0 percent; and
c. Sugar, confectionery and desserts, 44.8 percent;

Meanwhile, compared with their previous month’s inflation rates, higher year-on-year growth rates were observed in the indices of the following food groups during the month:
a. Corn, 7.7 percent;
b. Milk, other dairy products and eggs, 14.4 percent;
c. Fruits and nuts, 5.7 percent; and
d. Ready-made food and other food products not elsewhere classified, 9.7 percent.

In terms of contribution, the top contributors to food inflation were the following:
a. Vegetables, tubers, plantains, cooking bananas and pulses with 27.7 percent share;
b. Sugar, confectionery and desserts with 16.9 percent share; and
c. Fish and other seafood with 15.6 percent share.

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

^(2018=100)