The region's headline inflation or the overall inflation slowed down further to 4.4 percent in August 2023 from 4.6 percent in July 2023. This is the sixth consecutive month of deceleration in the headline inflation and the lowest since April 2022 with an inflation rate of 4.2 percent. The average inflation rate from January to August 2023 stood at 6.4 percent. In August 2022, the inflation rate was recorded at 6.3 percent.
The continued downtrend of overall inflation in August 2023 was primarily brought about by the slower year-on-year increase in housing, water, electricity, gas and other fuels at -2.4 percent during the month from 3.4 percent in July 2023. The slower annual increment observed in personal care, and miscellaneous goods and services at 4.7 percent in August 2023 from 5.3 percent in the previous month also contributed to the downward trend of headline inflation. The third main source of deceleration was health, recording a slower annual increase of 2.5 percent during the month from 3.0 percent in July 2023.
Compared with their previous month's inflation rates, slower annual increments were noted in the indices of the following commodity groups during the month:
a. Clothing and footwear, 8.3 percent;
b. Furnishings, household equipment and routine household maintenance, 3.9 percent
c. Information and communication, 1.3 percent;
d. Recreation, sport and culture, 5.2 percent; and
e. Education services, 5.3 percent.
On the contrary, the indices of the following commodity groups exhibited a faster year-on year increase:
a. Food and non-alcoholic beverages, 7.2 percent;
b. Alcoholic beverages and tobacco, 12.8 percent;
c. Transport, 0.2 percent; and
d. Restaurants and accommodation services, 7.8 percent.
Meanwhile, the index of Financial services retained its previous month's annual growth rate at zero percent.
The top three commodity groups contributing to the August 2023 headline inflation were the
following:
a. Food and non-alcoholic beverages with 73.6 percent share or 3.2 percentage points;
b. Restaurants and Accommodation services at 11.3 percent share or 0.5 percentage point; and
c. Clothing and footwear at 6.5 percent share or 0.3 percentage point.
Food inflation at the regional level rose to 7.5 percent in August 2023. In the previous month, food inflation was recorded at 5.9 percent, while it was 6.0 percent in August 2022. The acceleration of fo od inflation in August 2023 was mainly brought about by the higher year-on-year growth rate observed in rice at 7.0 percent from 2.8 percent in July 2023. This was followed by vegetables, tubers, plantains, cooking bananas and pulses with an inflation rate of 34.7 percent during the month from 21.4 percent in July 2023. In addition, faster annual increments were noted in meat and other parts of slaughtered animals at 1.0 percent in August 2023 from -2.2 percent in the previous month, and fruits and nuts with 4.5 percent during the month from 1.8 percent in July 2023.
Lower inflation rates during the month were also noted in the indices of the following food items:
a. Corn, 7.4 percent;
b. Flour, bread and other bakery products, pasta products, and other cereals, 5.8 percent;
c.
d. Fish and other seafood, 7 .1 percent;
e. Milk, other dairy products and eggs, 9.1 percent;
f. Oils and fats, -0.6 percent;
g. Sugar, confectionery and desserts, 12.2 percent; and
h. Ready-made food and other food products not elsewhere classified, 6.0 percent.
The food groups with the highest contribution to food inflation during the month were the following:
a. Vegetables, tubers, plantains, cooking bananas and pulses with 33.9 percent share;
b. Cereals and cereals products with 31.0 percent share; and
c. Fish and other seafood, 13.7 percent share.
Table 1. Year-on-Year Inflation Rates of Selected Food Items in Percent, August 2022, July 2023 and August 2023: Bicol Region
(2018=100)
Table 2. Inflation Rate (IR) and Purchasing Power of the Peso (PPP) in Bicol Region, by Province: August 2022, July 2023 and June 2023
(2018=100)
Table 3. Year-on-Year Inflation Rate (IR) by Commodity/Service Group, August 2022, July 2023 and August 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: August 2023
(2018=100)
Table 5. Consumer's Price Index and Month-on-Month IR for All Income Households by Commodity Group: July 2023 and August 2023
(2018=100)
