Consumer Price Index | Philippine Statistics Authority V

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Consumer Price Index for All Income Households in Region V September 2023. (2018=100)

Release Date: Friday, October 6, 2023

Reference Number: 2023-026

Figure 1. Inflation Rates in Bicol Region, All Items

The region's headline inflation or overall inflation increased to 5.6 percent in September 2023 from 4.4 percent in August 2023. This makes the regional average inflation from January to September 2023 at 6.3 percent. In September 2022, inflation rate was higher at 6.6 percent.

The uptrend in the overall inflation in September 2023 was primarily brought about by the higher year-on-year increase in the heavily-weighted food and non-alcoholic beverages at 10.3 percent during the month from 7.2 percent in the previous month. Transport, with inflation rate of 1.1 percent during the month from 0.2 percent in the previous month, also contributed to the uptrend of the headline inflation.

In addition, higher annual increases were noted in the indices of the following commodity groups during the month:
    a. Health, 2.6 percent;
    b. Information and communication, 1.9 percent;
    c. Recreation, sport and culture, 5.3 percent; and
    d. Education services, 3.2 percent.

In contrast, the following commodity groups showed lower inflation rates during the month:
    a. Alcoholic beverages and tobacco, 12.3 percent;
    b. Clothing and footwear, 7.4 percent;
    c. Housing, Water, Electricity, Gas and Other Fuels, -3.2 percent;
    d. Restaurants and accommodation services, 6. 7 percent; and
    e. Personal care, and Miscellaneous Goods and Services, 4.0 percent.

Furnishings, household equipment and routine household maintenance retained its previous month's annual increase, while financial services remained at zero percent annual rate during the month.

The top three commodity groups contributing to the September 2023 overall inflation were the following:
    a. Food and non-alcoholic beverages with 82.5 percent share or 4.6 percentage points;
    b. Restaurants and Accommodation services at 7.6 percent share or 0.4 percentage point; and
    c. Alcoholic beverages and tobacco at 4.6 percent share or 0.3 percentage point.

Food inflation at the regional level rose to 10. 7 percent in September 2023. In the previous month, food inflation was recorded at 7.5 percent, while it was 6.2 percent in September 2022.

The acceleration of food inflation in September 2023 was mainly brought about by the higher year-on-year growth rate observed in rice at 18.2 percent from 7 .0 percent in August 2023. This was followed by vegetables, tubers, plantains, cooking bananas and pulses with an inflation rate of 38.9 percent during the month from 34.7 percent in August 2023. In addition, faster annual increments were noted in fruits and nuts at 9.7 percent in September 2023 from 4.5 percent in the previous month, meat and other parts of slaughtered animals with 0.3 percent during the month from -1.0 percent in August 2023, and corn with 10.1 percent in September 2023 from 7 .4 percent in August 2023.

Lower inflation rates during the month were noted in the indices of the following food items:
    a. Flour, bread and other bakery products, pasta products, and other cereals, 5.7 percent;
    b. Fish and other seafood, 7.0 percent;
    c. Milk, other dairy products and eggs, 7.7 percent;
    d. Oils and fats, -4.9 percent;
    e. Sugar, confectionery and desserts, 10.4 percent; and
    f. Ready-made food and other food products not elsewhere classified, 5.2 percent.

The food groups with the highest contribution to food inflation during the month were the
following:
    a. Cereals and cereals products with 48.2 percent share ;
    b. Vegetables, tubers, plantains, cooking bananas and pulses with 27.3 percent share; and
    c. Fish and other seafood, 9.7 percent share.

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

^(2018=100)