Cordillera Administrative Region December 2022 Summary Inflation Report Consumer Price Index (2018=100)

Release Date: 

Tuesday, January 17, 2023

Reference Number: 

Reference No. PSA-CAR2023-01-03

1. Cordillera Administrative Region (CAR)

The inflation in Cordillera increased to 7.7 percent in December 2022, from 7.6 percent in November 2022. This is the highest inflation rate reported in 2022 and the highest since November 2008. Inflation in December 2021 was lower at 4.4 percent.

 

Higher inflation in December 2022 was primarily brought about by the faster year-on-year growth rate in the index of food and non-alcoholic beverages at 10.2 percent, from 9.0 percent in November 2022. This was followed by the index of health whose inflation rate accelerated to 4.1 percent, from 3.7 percent in November 2022.  Coming in third was furnishings, household equipment and routine household maintenance with an inflation rate of 3.5 percent in December 2022, from 3.2 percent inflation in the previous month (Table B and Figure 1).
 
Other commodity groups that recorded faster year-on-year increments in December 2022 were the following:
 
a.  Clothing and footwear, 3.7 percent;
b.  Information and communication, 0.3 percent; and
c.  Alcoholic beverages and tobacco, 9.9 percent.
 
On the other hand, financial services retained the annual growth rate in November 2022 while slower annual growth rates were observed in the indices of the following commodity groups:
 
a.  Housing, water, electricity, gas and other fuels, 4.4 percent;
b.  Transport, 17.7 percent;
c.  Recreation, sport and culture, 4.3 percent;
d.  Education services, 0.6 percent:
e.  Restaurants and accommodation services, 6.7 percent; and
f.   Personal care, and miscellaneous goods and services, 4.5 percent.
 
The average inflation of CAR went up to 6.4 percent in 2022, from 3.9 percent in 2021 (Table A).

2. Food Inflation in CAR

Food inflation in CAR accelerated to double-digit inflation in December 2022 with 10.5 percent inflation compared to its previous month’s record of 9.3 percent. In December 2021, food inflation was lower compared to this year’s inflation, recorded at 3.7 percent (Table C).

The acceleration in food inflation was influenced mainly by higher annual growth in the food sub-groups of vegetables, tubers, plantains, cooking bananas and pulses index at 36.3 percent; fruits and nuts at 11.3 percent, and milk, other dairy products, and eggs at 10.0 percent. In addition, a higher inflation rate was recorded in the following food groups:

  1. Oils and fats, 11.1 percent;
  2. Sugar, confectionery and desserts, 43.1 percent; and
  3. Ready-made food and other food products n.e.c., 4.5 percent

Meanwhile, food groups that registered deceleration were the following:

  1. Cereals and cereal products at 4.5 percent;
  2. Meat and other parts of slaughtered land animals at 4.9 percent; and
  3. Fish and other seafood at 4.6 percent.

3. Provinces/ Highly Urbanized City (HUC) in CAR

Apayao registered the highest inflation rate in the region at 10.5 percent. Mountain Province also increased at 10.3 percent followed by Benguet at 7.7 percent, and Baguio City at 6.5 percent. Meanwhile, deceleration was recorded in Abra at 8.7 percent, followed by Ifugao at 5.4 percent, and Kalinga at 9.7 percent.

The acceleration of the inflation rate in Apayao was primarily due to the higher annual growth rate in the index for food and non-alcoholic beverages at 8.2 percent, clothing and footwear at 3.6 percent, and restaurant and accommodation services at 17.1 percent.

On the other hand, the slowest inflation rate in the region was recorded in the province of Ifugao at 5.4 percent.

 

 
                                                                                                                                                                                                       
Note: CPI and inflation rates by province and selected city are posted on the PSA website (http://openstat.psa.gov.ph).
 
 
 

 

 

SGD. VILLAFE P. ALIBUYOG
Regional Director

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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