The Province of Kalinga’s 2018 based Consumer Price Index (CPI) in November 2023 rose to 123.4, 4.9 percent higher compared to the CPI of the month of November 2022. This means that a household living in Kalinga needs an additional amount of 24.3 pesos in November 2023 to buy the same basket of goods worth 100 pesos in 2018.
Table 1: Consumer Price Index for All Income Households by Commodity Group in Kalinga (2018=100); November 2022 and November 2023
Most of the commodity groups in Kalinga exhibited increase in prices. Furnishings, Household Equipment and Repair Maintenance of the House reported the highest increase with 5.9 percent from an index of 125.1 in November 2022 to 132.5 in November 2023, followed by Personal Care, and Miscellaneous Goods and Services with a recorded price index of 120.4 this November 2023, indicating an increase of 4.0 percent from 115.8 index of the same month last year. Other commodities with huge increase in their CPI were Alcoholic Beverages and Tobacco with 3.8 percent, Clothing and Footwear with 3.7 percent, Health with 3.6 percent, Food and Non-alcoholic Beverages with 3.2 percent, Recreation, Sport and Culture displayed a slight increase in percent by 1.5, and Education services with 0.9 percent.
Moreover, there is a big decrease on the following items: Transportation with -6.2 percent from an index of 131.4 in November 2022 to 123.2 this November 2023, and Housing, Water, Electricity, Gas and other Fuels with -4.9 percent from an index of 114.0 to 108.4, and Clothing and Footwear with -1.7 percent.
On the other hand, no changes were recorded for Information and Communication and financial services, Restaurant and Accommodation Services, and Financial Services.
PRICE SITUATION: Month-on-Month
In the month-on-month comparison, the consumer price index in All Items is posted at -0.2 percent (124.5to 124.3) this may be attributed to the slight change in prices of some commodities during the period.
Compared to the previous month, decrease in the price index of commodities was observed in Transport with -1.3 percent change (124.8 to 123.2); Food and Non-alcoholic Beverages with -0.2 percent change (125.5 to 125.2); and Alcoholic Beverages and Tobacco with -0.1 percent change (178.9 to 178.7).
Moreover, there was a slight increase to the items of Personal Care, and Miscellaneous Goods with 0.8 percent change (119.3 to 120.4); Clothing and Footwear with 0.2 percent change (125.5 to 125.8); Housing, Water, Electricity, Gas and other Fuels with 0.2 percent change (108.2 to 108.4); Furnishings Household Equipment and Routine Maintenance of the House with 0.1 percent change (132.4 to 132.5) and lastly Health with 0.1 percent change (137.9 to 138.0).
Meanwhile, stable price index was registered 0 percent change in the following items; Financial Services with 146.0; Education with 127.7; Restaurant and Accommodation Services with 144.5; Recreation, Sport and Culture with 114.9; and Information and Communication with 101.4.
With such price changes reflected in the CPI, the purchasing power of the peso (PPP) in the province for the month of November 2023 is posted at 0.80.
Figure 1: Consumer Price Index by Commodity Group for All Income Households in Kalinga October 2023 to November 2023
(2018=100)
INFLATION RATE (IR)
The headline inflation rate goes down to 0.7 percent in the month of November this year, from the 10.4 inflation rate in November 2022. Moreover, it increased by more than 4.8 percent from November 2022.
Figure 2: Year-on-Year Headline Inflation Rates in Kalinga by Month: November 2022 to November 2023
(2018=2022)
Purchasing Power of Peso
The Purchasing Power of Peso (PPP) in Kalinga was valued at 0.80 this November 2023, which was 1 centavo lower than the PPP of November 2022.
Figure 4: Purchasing Power of Peso in Kalinga, November 2022 - November 2023
Technical Notes:
Price – is the amount or value paid in exchange for the commodity or a service rendered.
Retail/Consumer Price – refers to the price at which a commodity is sold in small quantities for consumption.
Weight – 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.
Market Basket – a term used to refer to a sample of goods and services that are commonly purchased and bought by an average Filipino household.
Consumer Price Index (CPI) – is a measure of the average change overtime in the prices paid by urban consumers for a market basket of consumer goods and services.
Inflation Rate - is the percentage increase or decrease in prices during a specified period, usually a month or a year and it is derived from CPI. It is interpreted in terms of declining purchasing power of money.
Unit of Measure - refers to which a commodity is customarily traded in the market and it is the actual unit in which the associated values are measured.
Commodity Specifications – refers to the detailed description of the commodity such as a brand packaging, size and unit of measure or other characteristics that will best describe the product/commodity and are important in the determination of prices.
(SGD)
MARIBEL M. DALAYDAY
Chief Statistical Specialist
