Consumer Price Index | Philippine Statistics Authority V

Philippine Standard Time:

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

Release Date: Friday, July 7, 2023

Reference Number: 2023-020

The headline inflation or the overall inflation in Bicol Region slowed down further to 5.3 percent in June 2023 from 6.0 percent in May 2023. Inflation rate in June 2022 was lower at 5.0. This brings the average inflation rate from January to June 2023 to 7.0 percent.

Among the 13 commodity groups, the deceleration of the overall inflation in June 2023 was mainly brought about by Housing, water, electricity, gas and other fuels, which recorded a lower inflation rate of 4.6 percent from 6.8 percent in the previous month. This was followed by Food and non-alcoholic beverages with an inflation rate of 6.3 percent from 6.8 percent in the previous month. The third primary driver of the downtrend of the headline inflation during the month was Transport which recorded a -1.9 percent inflation rate from -0.4 percent in May 2023.

In addition, lower inflation rate was noted in the following commodity groups during the month:
a. Alcoholic beverages, and tobacco, 12.9 percent;
b. Clothing and footwear, 9.0 percent;
c. Health, 3.4 percent;
d. Transport, -1.9 percent
e. Information and communication, 1.3 percent;
f. Recreation, sport and culture, 5.8 percent;
g. Restaurants and accommodation services, 7.7 percent; and
h. Personal care, and miscellaneous goods and services, 6.0 percent.

The indices of furnishings, household equipment and routine household maintenance, education services, and financial services retained their corresponding previous month's annual increments at 4.3 percent, 2.4 percent and 0.0 percent, respectively.

In terms of contribution to the June 2023 headline inflation rate, the top three commodity
groups were the following:
a. Food and non-alcoholic beverages with 53.9 percent share or 2.9 percentage points;
b. Housing, water, electricity, gas and other fuels at 15.9 percent share or 0.8 percentage point; and
c. Restaurants and accommodation services at 9.3 percent share or 0.5 percentage point.

Food inflation at the regional level slowed down further to 6.4 percent in June 2023 from 6.8 percent in May 2023. In June 2022, food inflation was lower at 5.1 percent.

Vegetables, tubers, plantains, cooking bananas and pulses remained as the primary driver of the lower food inflation rate of 13. 9 percent in June 2023 from 17 .8 percent in the previous month. This was followed by meat and other parts of slaughtered land animals with an annual increment of -1.1 percent during the month from 0.2 percent. Sugar, confectionery, and desserts ranked third, recording a 33.5 percent inflation during the month from 38.4 percent in the previous month. Lower inflation rates during the month were also noted in the indices of the following food items:
a. Flour, bread and other bakery products, pasta products, and other cereals, 7.6 percent;
b. Milk, other dairy products and eggs, 12.6 percent;
c. Oils and fats, 5.9 percent;
d. Fruits and nuts, 5.9 percent; and
e. Ready-made food and other food products not elsewhere classified, 7.3 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. Rice, 2.8 percent;
b. Corn, 9.9 percent; and
c. Fish and other seafood, 7.8 percent.

In terms of contribution to the June 2023 inflation, the top contributors to food inflation were the following:
a. Cereals and cereals products with 24.8 percent share;
b. Fish and other seafood, 18.5 percent; and
c. Vegetables, tubers, plantains, cooking bananas and pulses with 16.7 percent share.

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

^(2018=100)