The increasing inflation in the province in the month of November 2022 was mainly due to the higher annual growth in the indices of food and non-alcoholic beverages from 9.5 percent in October 2022 to 11.1 percent in November 2022, restaurants and accommodation services from 25.1 percent in October 2022 to 26.4 percent in November 2022 and personal care, and miscellaneous goods and services from 3.6 percent in October 2022 to 4.4 percent in November 2022. (Table 3)

Moreover, increase of indices of the following commodity groups were also observed for this month’s inflation contributing to the overall uptrend of the province:

a. Health, 2.4 percent;

b. Recreation, Sport and Culture, 2.6 percent;

c. Clothing and Footwear, 8.1 percent;

d. Furnishings, Household Equipment and Routine Household Maintenance, 14.6 percent; and

e. Alcoholic Beverages and Tobacco, 7.9 percent. (Table 3)

On the other hand, index for transport continued to slow down from 16.7 percent in October 2022 to 13.7 percent in November 2022. (Table 3)

In addition, indices for the following commodity groups retained its previous month’s records:

a. Housing, Water, Electricity, Gas and Other Fuels, 7.4 percent;

b. Education Services, 3.9 percent;

c. Information and Communication, 0.0 percent; and

d. Financial Services, 0.0 percent. (Table 3)

Meanwhile, inflation for food at the provincial level sustained an increase from 9.8 percent in October 2022 to 9.8 percent in November 2022. The growth of food index of the province was mainly due to growth in indices of meat and other parts of slaughtered land animals, from 14.1 percent in October 2022 to 18.5 percent in November 2022, fish and other seafood, from 14.3 percent to 15.1 percent in November 2022, and vegetables, tubers, plantains, cooking bananas, and pulses, from 15.8 percent in October 2022 to 16.7 percent in November 2022. (Table 5 and 9)

Likewise, the following commodity groups contributed to the increase of inflation of food index at the provincial level in November 2022:

a. Cereals and cereal products, 4.9 percent;

b. Milk, other dairy products and eggs, 4.2 percent; 

c. Oils and fats, 4.8 percent;

d. Sugar, confectionery, and desserts, 41.6 percent; and

e. Ready-made food and other food products n.e.c, 8.5 percent. (Table 5)

However, decrease of index was noted for fruits and nuts, from 10.6 percent in October 2022 to 9.1 percent on November 2022. (Table 5)

 

 

 

 

The CPI is an indicator of the change in the average retail prices of a fixed basket of goods and services commonly purchased by households relative to a base year.

• 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.

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.

The inflation rate is the annual rate of change or the year-on-year change of CPI expressed in percent. Inflation is interpreted in terms of declining purchasing power of money.

***Statistical tables in excel file are provided as an attachment of this release.