The headline inflation or the overall inflation in Bicol Region further slowed down to 6.0 percent in May 2023 from 6.8 percent in April 2023. Inflation rate in May 2022 was lower at 4.9 percent. The average inflation since January 2023 stood at 7.4 percent.
Among the 13 commodity groups, the downtrend of the overall inflation in May 2023 was mainly brought about by the heavily-weighted food and non-alcoholic beverages, which recorded a lower inflation rate of 6.8 percent from 7.4 percent in the previous month. This was followed by housing, water, electricity, gas and other fuels with an inflation rate of 6.8 percent from 7.8 percent in the previous month. The third main source of deceleration of the headline inflation during the month was transport, which recorded a -0.4 percent inflation rate from 1.9 percent in April 2023.
Other commodity groups that contributed to the downtrend in the May 2023 headline inflation were clothing and footwear, which registered a lower inflation rate during the month at 9.5 percent compared with the previous month’s inflation rate. Same with furnishings, household equipment and routine household maintenance and personal care, and miscellaneous goods and services recorded at 4.3 percent and 6.3 percent, respectively.
In contrast, higher inflation rates were observed in the following commodity groups:
a. Alcoholic beverages, and tobacco, 13.5 percent;
b. Recreation, sport and culture, 6.2 percent;
The indices of health (3.7 percent), information and communication (1.4 percent), education services (2.4 percent), and restaurants and accommodation services (7.8 percent) retained their corresponding previous month’s annual increments. Similarly, the annual rate in the financial services index remained at zero percent.
In terms of contribution to the May 2023 headline inflation rate, the top three commodity groups were the following:
a. Food and non-alcoholic beverages with 50.5 percent share or 3.0 percentage points;
b. Housing, water, electricity, gas and other fuels at 20.5 percent share or1.2 percentage points; and
c. Restaurants and accommodation services at 8.2 percent share or 0.5 percentage point.
Food inflation at the regional level also moved downward at 6.8 percent in May 2023 from 7.5 percent in April 2023. In May 2022, food inflation was lower at 4.7 percent.
The slower food inflation during the month was primarily influenced by the lower annual growth in fish and other seafood at 4.2 percent from 6.8 percent in April 2023. This was followed by meat and other parts of slaughtered land animals with an inflation rate of 0.2 percent in May 2023 from 1.0 percent in the previous month. The third primary driver of slower food inflation was sugar, confectionery and desserts, which recorded a lower inflation rate of 38.4 percent in May 2023 from 42.5 percent in the previous month.
Lower inflation rates during the month were also noted in the indices of the following food items:
a. Corn, 9.0 percent;
b. Flour, bread and other bakery products, pasta products, and other cereals,8.2 percent;
c. Milk, other dairy products and eggs, 13.4 percent;
d. Oils and fats, 9.6 percent; and
e. Ready-made food and other food products n.e.c, 8.9 percent;
Meanwhile, compared with their previous month’s inflation rates, higher year-on-year growth rates were observed in the indices of rice at 2.7 percent from 1.8 percent, fruits and nuts at 8.8 percent from 8.6 percent, and vegetables, tubers, cooking bananas and pulses at17.8 percent from 16.9 percent.
In terms of contribution, the top contributors to food inflation were the following:
a. Cereals and cereal products with 23.2 percent share;
b. Vegetables, tubers, plantains, cooking bananas and pulses with 20.0 percent share; and
c. Sugar, confectionery and desserts with 17.1 percent share.
Table 1. Year-on-Year Inflation Rates of Selected Food Items in Percent, May 2022, April 2023 and May 2023: Bicol Region
(2018=100)
Table 2. Inflation Rate (IR) and Purchasing Power of the Peso (PPP) in Bicol Region, by Province: May 2022, April 2023 and May 2023
(2018=100)
Table 3. Year-on-Year Inflation Rate (IR) by Commodity/Service Group, May 2022, April 2023 and May 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: May 2023
(2018=100)
Table 5. Consumer's Price Index and Month-on-Month IR for All Income Household by Commodity Group: April 2023 and May 2023
(2018=100)
