Inflation rate (IR) in Bohol continued its decline for the fifth consecutive month, dropping to 7.1 from 7.4 in April 2023. The inflation rate in May 2022 was lower by 2.3 percent. The average inflation for the first five months of the year stood at 8.4 percent. (Table A and Figure 1)

 

In comparison to national and regional figures, Bohol’s IR in May is higher by 1.0 percentage points than the national IR, and by 1.7 percentage points than the regional IR. (Tables A)

 

 

The continued downtrend was mainly brought by the heavily weighted Food and Non-alcoholic Beverages which recorded a lower inflation of 7.2 percent from 9.3 percent in the previous month. Transport with an IR of -3.8 percent from -0.9 percent in the previous month, and Restaurants and Accommodation Services with 17.6 percent from 18.4 percent were the other drivers of the downward trend.

 

The commodity group Alcoholic Beverages and Tobacco with an IR of 12.6 percent from 13.3 percent also contributed to the downward trend.

 

In contrast, higher inflation rates were observed in the following commodity groups:

a. Clothing and Footwear, 4.9 percent from 4.8 percent;

b. Housing, Water, Electricity, Gas and Other Fuels, 12.1 percent from 7.5 percent;

c. Furnishings, Household Equipment and Routine Household Maintenance, 5.5 percent from 5.3 percent;

d. Recreation, Sports and Culture, 2.6 percent from 2.5 percent; and

e. Personal Care, and Miscellaneous Goods and Services, 4.4 percent from 4.3 percent.

 

The commodity groups Health; Information and Communication; Education Services; and Financial Services either retained their previous month’s IR or had zero percent annual growth.

 

 

The top three commodity groups contributing to the May 2023 overall inflation of 7.1 percent were the following:

a. Food and Non-alcoholic Beverages with 39.4 percent share or 2.8 percentage points;

b. Housing, Water, Electricity, Gas and Other Fuels at 36.9 percent share or 2.6 percentage points; and

c. Restaurants and Accommodation Services at 10.8 percent share or 0.8 percentage point.

 

 

 

Food inflation slowed down to 7.2 percent from 9.5 percent. In May 2022, Food inflation was lower at 3.8 percent.

 

 

Sugar, Confectionery, and Desserts was the primary driver of the lower food IR with -33.3 percent in May 2023 from 36.2 percent in the previous month. This was followed by Flour, Bread and Other Bakery Products, Pasta Products, and Other Cereals with an annual increment of 16.0 percent during the month from 16.1 percent. Milk, Other Dairy Products, and Eggs ranked third, recording a 15.9 percent inflation during the month from 16.7 percent in the previous month.

 

Lower inflation rates during the month were also noted in the indices of the following food items:

a. Vegetables, Tubers, Plantains, Cooking Bananas and Pulses, 15.2 percent from 16.3 percent; 

b. Corn, 10.7 percent from 16.3 percent;

c. Fruits and Nuts, 7.8 percent from 12.1 percent;

d. Meat and Other Parts of Slaughtered Land Animals, 7.2 percent from 9.3 percent;

e. Rice, 4.8 percent from 6.5 percent; and 

f. Fish and Other Seafood, -2.6 percent from 2.1 percent.

 

The index for Ready-made Food and Other Food Products N.E.C. was recorded with a higher year-on-year growth rate with 8.3 percent from 7.6 percent. Meanwhile, oils and fats retained the previous month’s inflation.

 

 

Food inflation in May 2023 recorded a percentage share of 42.5 or 2.59 percentage points.  

 

Of the food group, the top contributors to food inflation were the following:

a. Cereals and Cereal Products, with 37.1 percent share or 2.67 percentage points;

b. Milk, Other Dairy Products, and Eggs with 16.6 percent share or 1.19 percentage points; and 

c. Vegetables, Tubers, Plantains, Cooking Bananas and Pulses, with 15.5 percent share or 1.11 percentage points.