Consumer Price Index

CPI Press Release

Summary Inflation Report Consumer Price Index (2018=100) June 2022

Release Date: 7 July 2022
Reference Number: 2022-SR12-004

                           Date of Release: 07 July 2022

                           Reference No. 2022-SR12-004  

 

 

Bohol

The headline inflation in Bohol increased to 5.2 percent in June 2022, from 4.8 percent in May 2022. Inflation in June 2021 was lower at 1.6 percent. The average inflation for the first five months of the year stood at 4.3 percent. (Table A and Figure 1)

In comparison to national and regional figures, Bohol’s inflation rate (IR) in June is lower by 0.9 percentage points than the national IR and by 0.5 than the regional IR.

The increase in the province’s inflation was mainly brought about by the higher annual increase in the index for Food and Non-alcoholic Beverages at 3.2 percent; Housing, Water, Electricity, Gas, and Other Fuels, 9.2 percent; and Transport, 14.1 percent. Also contributing to the uptrend in the overall inflation during the period were the high annual increments in the indices of the following commodity:

  1. Alcoholic Beverages and Tobacco, 3.5 percent;
  2. Restaurants and Accommodation Services, 2.0 percent; and
  3. Housing, Water, Electricity, Gas and Other Fuels, 1.1 percent.

The commodity groups Non-alcoholic Beverages; Clothing and Footwear; Furnishings, Household Equipment and Routine Household Maintenance; Information and Communication; Recreation, Sports, and Culture; Education Services; Financial Services; and Personal Care, and Miscellaneous Goods and Services either retained their previous month’s inflation rates or had zero percent annual growths.

For food index, it decreased to 3.3 percent in June 2022, from 3.8 percent in the previous month. In June 2021, food index had -1.8 percent inflation rate.

Double-digit growth rates were observed in Oils and Fats index at 23.9 percent; and Sugar, Confectionery, and Desserts at 18.8 percent. The following food groups had higher annual increments during the month in comparison with the previous month:

  1. Meat and Other Parts of Slaughtered Land Animals, 1.3 percent;
  2. Milk, Other Dairy Products, and Eggs, 1.1;
  3. Vegetables, Tubers, Cooking Bananas and Pulses, -1.8; and
  4. Ready-Made Food and Other Food Products N.E.C., -0.8 percent.

On the other hand, Cereals and Cereal Products (which covers Rice; Corn; Flour, Bread and Other Bakery Products, Pasta Products, and Other Cereals); Fish and Other Seafood; and Fruits and Nuts had lower annual upticks during the month.

 

 

JESSAMYN ANNE C. ALCAZAREN (SGD.)

Chief Statistical Specialist

PSA Bohol

Attachments:

CPI Press Releases by Year

Technical Notes

*  2012 Base Year

Rationale for Rebasing the CPI from 2006 to 2012

Rebasing is necessary when the basket of the reference year no longer represents what is commonly purchased by the households. The CPI then becomes irrelevant and would tend to give wrong market signals. The CPI is an indicator that derives its usefulness from its representation of how much a typical market basket behaves over a specific period of time.

Economic, social and technological changes may have influenced Filipinos’ tastes and preferences and these, in effect may have resulted in changes in the consumption patterns of the population. As household expenditure patterns vary (they tend to spend less on some items and more on others), weights are used to ensure that the CPI reflects the relative importance of each item or group of items in the market basket. The weights are expressed as a proportion of household expenditure for an item to the total national expenditure.

The rebasing of the CPI from 2006 to 2012 is in consonance with the recommendation of the PSA Board in its Resolution No. 01 series of 2017-146 (Approving the Synchronized Rebasing of Price Indices to Base Year 2006 and every six (6) years thereafter) to reflect the latest composition of goods and services consumed and availed of by households across provinces of the country.

The main data source of consumption pattern (CPI weights) for this latest rebasing was the 2012 Family Income and Expenditure Survey (FIES). Meanwhile, the Survey of Key Informants was conducted from 07 October to 15 November 2013 to determine the commodities that will form the market basket for the 2012-based CPI.