Headline Inflation

Bicol Region's headline inflation or overall inflation slowed down further to 4.5 percent in November 2023 from 4.7 percent in October 2023. This brings the regional average inflation from January to November 2023 at 6.0 percent. In November 2022, inflation rate was higher at 7.5 percent.

Main Drivers to the Downward Trend of the Headline Inflation

The downtrend in the overall inflation in November 2023 was primarily brought about by the lower year-on-year growth rate of Housing, Water, Electricity, Gas and Other Fuels at -3.7 percent in November 2023 from -2.8 percent in October 2023. This was followed by transport with 1.4 percent annual decrease from 2.2 percent annual growth in October 2023. The heavily-weighted food and non-alcoholic beverages with a slower inflation rate of 7.9 percent in November 2023 from 8.0 percent in the previous month also contributed to the downtrend of the overall inflation.

In addition, annual decreases were noted in the indices of the following commodity groups during the month:

     a. Clothing and footwear, 5.9 percent inflation from 6.6 percent;
    b. Furnishings, household equipment and routine household maintenance, 3.7 percent from 3.8 percent;
     c. Health, 2.2 percent from 2.6 percent;
     d. Information and communication, 3.8 percent from 4.3 percent;
     e. Recreation, sport and culture, 4.7 percent from 4.8 percent; and
     f. Personal care, and miscellaneous goods and services, 3.6 percent from 3.9 percent.

In contrast, the following commodity groups showed higher inflation rates during the month:

     a. Alcoholic beverages and tobacco, 10.7 percent from 10.5 percent; and
     b. Restaurants and accommodation services, 6.8 percent from 6.2 percent.

Meanwhile, the education services index and financial services index retained its previous month's annual rate at 3.2 percent and zero percent, respectively.

Main Contributors to the Headline Inflation

The top three commodity groups contributing to the November 2023 overall inflation were
the following: 
a. Food and non-alcoholic beverages with 80.8 percent share or 3.6 percentage points; 
b. Restaurants and Accommodation services at 9.9 percent share or 0.4 percentage point; and 
c. Alcoholic beverages and tobacco at 5.1 percent share or 0.2 percentage point.

Food Inflation

Food inflation at the regional level maintained its annual rate at 8.3 percent in November 2023. In November 2022, food inflation was higher at 8.5 percent.

Main Drivers to the Constant Trend in Inflation

The constant food inflation in November 2023 was primarily influenced by the following: higher annual growth of rice at 22.2 percent during the month from 15.5 percent in October 2023, corn at 12.3 percent from 9.0 percent in October 2023, meat and other parts of slaughtered land animals at 1.2 percent during the month from 1.0 percent, and fruits and nuts at 10.4 percent in November 2023 from 9.9 percent in the previous month.

Meanwhile, lower year-on-year growth rates were noted in the indices of the following food groups during the month:
     a. Flour, bread and other bakery products, pasta products, and other cereals, 5.0 percent from 5.2 percent;
     b. Fish and other seafood, 5.3 percent from 5.4 percent;
     c. Milk, other dairy products and eggs, 7.6 percent from 8.2 percent;
     d. Oils and fats, -6.7 percent from -6.1 percent;
     e. Vegetables, tubers, plantains, cooking bananas and pulses, 3.3 percent from 17.8 percent; 
     f. Sugar, confectionery and desserts, 0. 7 percent from 5.1 percent; and
     g. Ready-made food and other food products, 5.2 percent from 5.8 percent.

Main Contributors to the Food Inflation

Food contributed 79.1 percent or 3.6 percentage points to the overall inflation in November 2023. The food groups with the highest contribution to food inflation during the month were the following: 
     a. Cereals and cereal products, which includes rice, corn, flour, bread and other bakery products, with 71.4 percent share or 5.9 percentage points; 
     b. Fish and other seafood with 9.2 percent share or 0.8 percentage point; and
     c. Milk, other dairy products and eggs with 7.0 percent share or 0.6 percentage point. 

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

(2018=100)

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

(2018=100)

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

(2018=100)

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

(2018=100)

Table 5. Consumer Price Index and Monthly Percent Change for All Income Households by Commodity Group: October 2023 and November 2023

(2018=100)