Summary Inflation Report of the Consumer Price Index, Apayao Province, October 2022

Reference Number: 

2022-CARAP-SR18

Release Date: 

Wednesday, November 9, 2022

Apayao Headline Inflation Accelerates to 8.5 percent in October 2022

Table 1. Year-on-Year Inflation Rates in Apayao Province, All Items in Percent October 2022 (2018=100)

The inflation rate in Apayao in October 2022 accelerated to 8.5 percent, higher than the previous month with 8.0 percent. (Figure 1 and Table 1)

Figure 1. Year-on Year Inflation Rate, All Items in Percent
October 2021 - October 2022
(2018=100)
 
 
Table 2. Year-on-Year Inflation Rates in Apayao, By Commodity Groups in Percent (2018=100)
 
The gradual acceleration in the province’s inflation rate in October 2022 was primarily due to the increase of some of the commodity groups: Recreation, Sport, and Culture with 0.2 percent; Food and Non-alcoholic Beverages with 1.7 percent; Clothing and Footwear with 1.4 percent; and Information and Communication with 0.5 percent. The continuous acceleration in the inflation rate denotes that the value of peso decreases but the value of dollar increases.
(Figure 2 and Table 2)
 
Five commodity groups slightly decelerated in their inflation rate; Transport with 3.2 percent, although its inflation rate decelerated, it is still the highest contributing factor in the inflation of the province; Restaurants and Accommodation Services with 0.7 percent; Alcoholic Beverages and Tobacco with 0.8 percent; Personal Care, and Miscellaneous Goods and Services with 0.2 percent; and Health with 0.2 percent. (Figure 2 and Table 2)
 
The remaining commodity groups with constant inflation rate are: Housing, Water, Electricity, Gas, and Other Fuels at 14.9 percent; Furnishings, Household Equipment, and Routine Household Maintenance at 3.6 percent; Education Services at -0.1 percent; and Financial Services at 0.0 percent. (Figure 2 and Table 2)
 
Figure 2. Inflation Rate of All Items by Commodity Groups, Comparison Between September 2022 and October 2022
 
 
DEFINITION OF TERMS
 
Consumer Price Index (CPI) measures the overall change in consumer prices based on a representative basket of goods and services over time.
 
Inflation refers to an overall increase in the Consumer Price Index (CPI), which is a weighted average of prices for different goods.
 
Commodity Groups are group of goods and services found in the market basket. There are thirteen (13) commodity groups which were arranged according to the PCOICOP.
 
PCOICOP stands for Philippine Classification of Individual Consumption According to Purpose
 
FNAB stands for Food and Non-Alcoholic Beverages
 
ABT stands for Alcoholic Beverages and Tobacco
 
CF stands for Clothing and Footwear
 
HWEGO stands for Housing, Water, Electricity, Gas, and Other Fuels
 
FHERHM stands for Furnishings, Household Equipment and Routine Household Maintenance IC stands for Information and Communication
 
RSC stands for Recreation, Sport, and Culture
 
ES stands for Education Services
 
RAS stands for Restaurants and Accommodation Services
 
FS stands for Financial Services
 
PCMGS stands for Personal Care, Miscellaneous Goods and Services
 

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