Inflation rate (IR) in Bohol continued its decline for the fourth consecutive month, dropping to 7.4 from 7.8 in March 2023. The inflation rate in April 2022 was lower by 2.2 percent. The average inflation for the first four months of the year stood at 8.7 percent. (Table A and Figure 1)

In comparison to national and regional figures, Bohol’s IR in April is higher by 0.8 percentage points than the national IR, and by 1.9 percentage points than the regional IR. (Tables A)

The continued downtrend was mainly brought by the heavily weighted food and non-alcoholic which recorded a lower inflation of 9.3 percent from 11.0 percent in the previous month. Transport with an inflation rate of -0.9 percent from 1.6 percent in the previous month was the other driver to the downward trend. 

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

a. Alcoholic Beverages and Tobacco, 13.3 percent from 11.2 percent;

b. Clothing and Footwear, 4.8 percent from 4.7 percent;

c. Housing, Water, Electricity, Gas and Other Fuels, 7.5 percent from 

5.7 percent;

d. Furnishings, Household Equipment and Routine Household Maintenance, 

5.3 percent from 5.2 percent;

e. Health, 6.5 percent from 6.3 percent; and

f. Recreation, Sports, and Culture, 2.5 percent from 2.2 percent.

g. Restaurants and Accommodation Services, 18.4 percent from 18.1 percent; and

h. Personal Care, and Miscellaneous Goods and Services, 4.3 percent from 4.0 percent.

The commodity groups 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 April 2023 overall inflation of 

7.4 percent were the following:

a. Food and non-alcoholic beverages with 49.5 percent share or 3.7 percentage points;

b. Housing, water, electricity, gas and other fuels at 22.3 percent share or 1.6 percentage points; and

c. Restaurants and accommodation services at 11.0 percent share or 0.8 percentage point.

Food inflation slowed down to 9.5 percent from 11.4 percent. In April 2022, Food inflation was lower at 2.3 percent.

Vegetables, tubers, plantains, cooking bananas and pulses was the primary driver of the lower food inflation rate of 16.3 percent in April 2023 from 41.4 percent in the previous month. This was followed by fish and other seafood with an annual increment of 2.1 percent during the month from 9.1 percent. Fruits and nuts ranked third, recording a 12.1 percent inflation during the month from 17.1 percent in the previous month.

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

a. Corn, 16.3 percent from 17.0 percent;

b. Oils and fats, 13.6 percent from 17.3 percent; and

c. Sugar, confectionery and desserts, 36.2 percent from 37.6 percent.

Meanwhile, compared with their previous month’s inflation rates, higher year-on-year growth rates were observed in the indices:

a. Rice, 6.5 percent from 2.3 percent;

b. Meat and other parts of slaughtered land animals, 9.3 percent from 8.2 percent; 

 

 

The Philippine Statistics Authority generates and announces the monthly Consumer Price Index (CPI) based on a nationwide survey of prices for a given basket of goods and services. Two important indicators, the inflation rate and purchasing power of the peso (PPP), are derived from the CPI which are important in monitoring price stability and the value of the country’s currency.  

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. 

Retail Price is the price at which a commodity is sold for spot in small quantities for consumption.

Base Period/Base Year is the period, usually a year, at which the index number is set to 100. It is the reference point of the index number series.

Market Basket is a term used to refer to a sample of goods and services that are commonly purchased and bought by an average Filipino household.

Weight is a value attached to a commodity or group of commodities to indicate the relative importance of that commodity or group of commodities in the market basket. 

Inflation Rate is the change in the CPI over a specific period of time (usually a month or a year). That is,