The headline inflation in Bicol Region accelerated to 8.3 percent in January 2023, from 7.2 percent in December 2022. With this month's inflation, Bicol region's average inflation rate from January 2022 to January 2023 stood at 5.5 percent. In January 2022, inflation rate was observed at 2. 7 percent.
The acceleration of the region's inflation rate in January 2023 was primarily due to the higher annual growth rate in the index for food and non-alcoholic beverages at 9.3 percent, from 8.0 percent in December 2022. This was followed housing, water, electricity, gas, and other fuels with 10.2 percent annual growth, from 7.8 percent in December 2022. Also contributing to the uptrend in the overall inflation in January 2023 were the higher annual increases in the indices of the following commodity groups:
a. Transport, 7.6 percent;
b. Restaurants and accommodation services, 6.3 percent;
c. Personal care, and Miscellaneous Goods and Services, 6.2 percent and
d. Furnishings, Household Equipment, and Routine Household Maintenance, 4.9 percent.
On the other hand, lower annual increments were observed in the indices of alcoholic beverages, and tobacco at 9.2 percent, and health at 3.4 percent.
Meanwhile, clothing and footwear (9.3 percent), recreation and culture (4.4 percent), education services (2.4 percent), and financial services (0.0 percent retained its previous month's inflation rate. Inflation for food at the regional level accelerated to 9.6 percent in January 2023, from 8.1 percent in December 2022. In January 2022, food inflation was lower at 2.9 percent. The acceleration in the food inflation was primarily influenced by the higher annual growth rate in the index of vegetables, tubers, plantains, cooking bananas and pulses at 4 7.4 percent from 32.7 percent in December 2022.
Higher annual growth rates were also noted in the following food groups:
a. Milk, other dairy products and eggs, 11.6 percent;
b. Fish and other seafoods, 7.5 percent;
c. Fruits and nuts, 0.5 percent; and
d. Sugar, confectionery and desserts, 50.1 percent.
On the contrary, lower annual growth rates were observed in the indices of rice, 1.6 percent, meat and other parts of slaughtered animals, 0.4 percent, and cereal and cereal products, 3. 7 percent.
Table 1. Year-on-Year Inflation Rates of Selected Food Items in Percent, January 2022, December 2022 and January 2023: Bicol Region
(2018=100)
Table 2. Inflation Rate (IR) and Purchasing Power of the Peso (PPP) in Bicol Region, by Province: January 2022, December 2022 and January 2023
(2018=100)
Table 3. Year-on-Year Inflation Rate (IR) by Commodity/Service Group, January 2022, December 2022 and January 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: January 2023
(2018=100)
Table 5. Consumer's Price Index and Month-on-Month IR for All Income Households by Commodity Group: December 2022 and January 2023
(2018=100)
