Summary Inflation Report Consumer Price Index (2018=100)
Siquijor Province July 2022
Siquijor Province inflation increases by 1.5 percent in July 2022
The inflation rate of the Philippines continued to move forward from 6.1 percent in June 2022 to 6.4 percent in July 2022. This is the highest recorded inflation rate in Philippines since October 2018. The Philippines’ average inflation from January to July 2022 stood at 4.7 percent. Inflation rate of the country was lower at 3.7 percent in July 2021. (see Table A)
1. Central Visayas
The inflation rate of Central Visayas continued to increase in July 2022 at 6.9 percent. It recorded an increase of 1.2 percent or a monthly percent change of 1.0 percent from June 2022 inflation at 5.7 percent. The first six months of the year posted an average inflation of 5.5 percent. In July 2021, inflation rate was lower at 1.5 percent. (see Table B)
1. Province of Siquijor
The Province of Siquijor continued to increase in July 2022 at 9.3 percent. This was 1.4 percent increase from June 2022 at 7.9 percent. This was the highest recorded inflation since January of 2019. In July 2021, the inflation of the province was lower at 2.9 percent. The province’s average inflation report for the first seven months of the year registered at 6.3 percent. (See Figure 2 and Table C)
The continuous upward trend of the inflation in the province in July 2022 was brought by the higher annual growth rate in the index of the following commodity groups:
1. Food and Non-Alcoholic Beverages;
3. Restaurant and Accommodation Services;
4. Clothing and Footwear;
5. Personal Care, and Miscellaneous Goods and Services;
6. Housing, Water, Electricity, Gas and Other Fuels;
7. Furnishings, Household Equipment and Routine Household Maintenance; and
8. Recreation, Sport and Culture.
Meanwhile, the following indices of commodity groups maintained their previous month’s rate:
1. Alcoholic Beverages and Tobacco;
3. Information and Communication;
4. Education Services; and
5. Financial Services.
No recorded decrease of indices of commodity groups for the month of July 2022. (See Table D)
Uses of CPI
- The CPI is most widely used in the calculation of the inflation rate and purchasing power of peso. It is a major statistical series used for economic analysis and as monitoring indicator of the government economic policy.
- Measures the composite change in the consumer prices in various commodities overtime
Computation of CPI
The computation of CPI involves consideration of the following important points:
a. Base Period – The reference date or base period is the benchmark or reference date or period at which the index is taken as equal to 100.
b. Market Basket – A sample of the thousands of varieties of goods purchased for consumption and the services availed by the households in the country selected to represent the composite price behavior of all goods and services purchased by consumers.
c. Weighting System – The weighting pattern uses the expenditures on various consumer items purchased by households as a proportion to total expenditure.
d. Formula – The formula used in computing the CPI is the weighted arithmetic mean of price relatives, the Laspeyre’s formula with a fixed base year period (2018) weights.
e. Geographic Coverage – CPI values are computed at the national, regional, and provincial levels, and or selected cities.
Inflation Rate is the rate of change of the CPI expressed in percent. See table C for the year on year inflation rate for all items.
(SDG.) AURELIA M. CANDA
Chief Statistical Specialist