Starting February 2022, the Philippine Statistics Authority (PSA) released the rebased Consumer Price Index (CPI) for all income households to base year 2018, from base year 2012 as announced in the press release number 2022-01 dated 04 January 2022. The CPI series for all income households for January 2022 onwards will be 2018-based.
Year on Year Inflation rate in Cebu Province further accelerated to 8.3%
The inflation rate in Cebu Province excluding its highly urbanized cities namely Cebu City, Lapu-Lapu City and Mandaue City, in all items, further accelerated to 8.3 percent in May 2022, from 8.0 percent in April 2022. An increase of 6.1 percentage points of the inflation in May 2022 compared to May 2021 at 2.2 percent. The average inflation from January to May 2022 remained at 7.8 percent. The inflation in Cebu is higher by 3.0 percentage points from the inflation in Central Visayas at 5.3 percent in May 2022. (See Table A.)
Highest inflation recorded in the month of February 2022
An up and down movement of the inflation rate was noted in the province for the period of January to May 2022. The highest inflation was recorded in the month of February 2022 at 8.6 percent for the period May 2021 to May 2022. (See Figure 1 and Table B.)
The increase of the inflation in Cebu was driven by Transport
The upsurge in the inflation in Cebu province was mainly driven by the increase in the inflation for Transport at 29.0 percent in May 2022, from 23.6 percent in April of the same year. Meanwhile, inflation slowed down in the following indices:
Food and Non-Alcoholic Beverages at 12.3 percent.
Alcoholic Beverages and Tobacco at 1.1 percent.
Clothing and footwear at 0.1 percent.
and Personal Care, and Miscellaneous Goods and Services at 0.8 percent.
The rest of the commodity groups remained constant in May 2022 from their previous month’s inflation rates. (See Table C.)
The Consumer Price Index (CPI) in Cebu province was posted at 113.1 in May 2022. This means that on average, prices of goods and services in the province increased by 13.1 units from the base year 2018 at 100. This was higher than the 112.8 from the previous month. The month of May had the highest CPI in Cebu for the period May 2021 to May 2022. (See Figure 2.)
PPP in Cebu province was recorded at 0.88 in May 2022
Purchasing power of peso (PPP) in Cebu province was recorded at 0.88 for the month of May 2022 which was lower compared to the PPP in April 2022 at 0.89. The PPP in Cebu province for the period May 2021 to May 2022 showed a decreasing trend from 0.96 in the months of May to October 2021 to 0.88 in May 2022. (See Figure 3.)
Approved by:
(SGD) JUANILLA R. PREMNE
OIC- Chief Statistical Specialist
