The headline inflation or the overall inflation in Bicol Region slowed down further to 6.8 percent in April 2023 from 7.1 percent in March 2023. Inflation rate in April 2022 was lower at 4.2 percent. This brings the average inflation rate from January to April 2023 to 7.8 percent.
Among the 13 commodity groups, the downtrend of the overall inflation in April 2023 was mainly brought about by the heavily-weighted food and non-alcoholic beverages, which recorded a lower inflation rate of 7.4 percent from 8.0 percent in the previous month. This was followed by transport with an inflation rate of 1.9 percent from 3.6 percent in the previous month. The third primary driver of the downtrend of the headline inflation during the month was Housing, water, electricity, gas and other fuels which recorded a 7.8 percent inflation rate from 8.0 percent in March 2023. In addition, lower inflation rate was noted for furnishings, household equipment and routine household maintenance at 4.4 percent in April 2023 from 4.5 percent in the previous month, and personal care, and miscellaneous goods and services at 6.4 percent from 6.6 percent in March 2023.
On the contrary, higher inflation rates were observed in the following commodity groups during the month:
a. Alcoholic beverages, and tobacco, 13.3 percent;
b. Clothing and footwear, 9.8 percent;
c. Health, 3.7 percent;
d. Information and communication, 1.4 percent;
e. Recreation, sport and culture, 5.8 percent; and
f. Restaurants and accommodation services, 7.8 percent.
The indices of education services, and financial services retained their corresponding previous month's annual increments at 2.4 percent and 0.0percent, respectively. In terms of contribution to the April 2023 headline inflation rate, the top three commodity groups were the following:
a. Food and non-alcoholic beverages with 58.2 percent share or 4.0 percentage points;
b. Housing, water, electricity, gas and other fuels at 13.9 percent share or 0.9 percentage point; and
c. Restaurants and accommodation services at 7.6 percent share or 0.5 percentage point.
Food inflation at the regional level slowed down further to 7.5 percent in April 2023 from 8.1 percent in March 2023. In April 2022, food inflation was lower at 3.6 percent. Vegetables, tubers, plantains, cooking bananas and pulses remained as the primary driver of the lower food inflation rate of 16. 9 percent in April 2023 from 29.2 percent in the previous month. This was followed by fish and other seafood with an annual increment of 6.8 percent during the month from 8.3 percent. Sugar, confectionery, and desserts ranked third, recording a 42.5 percent inflation during the month from 44.8 percent in the previous month. Lower inflation rates during the month were also noted in the indices of the following food items:
a. Milk, other dairy products and eggs, 14.1 percent;
b. Oils and fats, 12.9 percent; and
c. Sugar, confectionery and desserts, 44.8 percent; and
d. Ready-made food and other food products not elsewhere classified, 9.4 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, 1.8 percent;
b. Corn, 9.2 percent;
c. Flour, bread and other bakery products, pasta products, and other cereals, 9.0 percent;
d. Meat and other parts of slaughtered land animals, 1.0 percent; and
e. Fruits and nuts, 8.6 percent.
In terms of contribution to the April 2023 inflation, the top contributors to food inflation were the following:
a. Cereals and cereals products with 19.5 percent share;
b. Vegetables, tubers, plantains, cooking bananas and pulses with 17.6 percent share; and
c. Sugar, confectionery and desserts with 17.5 percent share.
Table 1. Year-on-Year Inflation Rates of Selected Food Items in Percent, April 2022, March 2023 and April 2023: Bicol Region
(2018=100)
Table 2. Inflation Rate (IR) and Purchasing Power of the Peso (PPP) in Bicol Region, by Province: April 2022, March 2023 and April 2023
(2018=100)
Table 3. Year-on-Year Inflation Rate (IR) by Commodity/Service Group, April 2022, March 2023 and April 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: April 2023
(2018=100)
Table 5. Consumer's Price Index and Month-on-Month IR For All Income Households by Commodity Group: March 2023 and April 2023
(2018=100)
