Bohol

The headline inflation rate (IR) continues to rise in Bohol. It increased to 8.4 percent in October 2022 from 8.3 percent in September 2022. This is again the peak of the trend since January 2019. Inflation rate in October 2021 was lower at 5.0 percent. The average inflation for the first ten months of the year stood at 5.8 percent. (Table A and Figure 1)

In comparison to national and regional figures, Bohol’s IR in October is higher by 0.7 percentage points than the national IR and by 0.5 percentage points than the regional IR.

The increase in the province’s inflation was mainly brought about by the higher double-digit annual increase in the index for Housing, Water, Electricity, Gas and Other Fuels at 13.0 percent; and Restaurants and Accommodation Services at 18.1 percent. Also contributing to the uptrend in the overall inflation during the period were the increments in the indices of the following commodities:

1. Furnishings, Household Equipment and Routine Household Maintenance at 4.6 percent;

2. Health at 2.5 percent;

3. Personal Care, Miscellaneous Goods and Services at 2.4 percent;

4. Education Services at 2.0 percent; and

5. Recreation, Sports, and Culture at 0.9 percent.

Commodity groups Information and Communication, and Financial Services, either retained their previous month’s inflation rates or had zero percent annual growths.

Several commodities had lower growth rates. Food and Non-alcoholic Beverages went down to 7.4 percent, Clothing and Footwear down to 3.6 percent; and Transport down to 8.7 percent.

For food index, it decreased to 7.6 percent in October 2022 from 8.3 percent in the previous month. In October 2021, food index had a 2.8 percent inflation rate. Double-digit inflation rates were identified in Flour, Bread and Other Bakery Products, Pasta Products, and Other Cereals at 14.3 percent; Meat and Other Parts of Slaughtered Land Animals at 11.1 percent; and Sugar, Confectionery, and Desserts at 59.6 percent. The following food groups also had higher annual increments during the month in comparison with the previous month:

1. Milk, Other Dairy Products, and Eggs from 6.0 to 7.3 percent;

2. Vegetables, Tubers, Cooking Bananas, Pulses from 2.3 to 6.9 percent;

3. Ready-Made Food and Other Food Products N.E.C. from 3.0 to 3.4 percent; and

4. Non-alcoholic beverages from 3.1 to 3.9 percent.

Oils and Fats retained the previous month’s growth rate of 22.5 percent. On the other hand, Cereals lowered to 2.5 percent; Rice at 2.4 percent; Corn at 8.1 percent; Fish and Other Seafood at 6.6 percent; and Fruits and Nuts at -0.7 percent.