Summary Inflation Report

Consumer Price Index

(2018=100)

Table 1. Year-on-Year Inflation Rates, All ltems, Ifugao

ln percent

(2018=100)

Inflation in Ifugao decreased to 3.7 percent in April 2023 from 4.8 percent in March 2023. In addition, April 2023 inflation was lower by 1.7 percentage points from 5.4 percent in April 2022 and 1.1 percentage points lower from 4.8 percent in March 2023. (Table 1)

Figure 1. Inflation Rates, Ifugao, All Items (2018=100)

Figure 2. Year-on-Year Inflation Rates by Commodity Group: Ifugao (2018 = 100) (In Percent)

Restaurants and Accommodation Services posted the highest inflation rate among the commodity groups at 13.5 percent. It was followed by Recreation, Sport and Culture at 11.7 percent inflation rate and Clothing and Footwear at 10.8 percent.

In addition, contributing to the uptrend in the overall inflation during the period were the higher annual average growth in the indices of the following commodity groups:

1. Furnishings, Household Equipment and Routine Household Maintenance,  9.2 percent;
2. Alcoholic Beverages and Tobacco, 7.8 percent;
3. Health, 7.3 percent;
4. Personal Care, and Miscellaneous Goods and Services, 5.4 percent;
5. Education Services, 3.7 percent;
6. Food and Non-Alcoholic Beverages,  2.9 percent;
7. Transport, 1.7 percent;
8. Housing, Water, Electricity, Gas and Other Fuels, 0.3 percent;

Table 2. Consumer Price Index for All ltems,

Ifugao (2018=100)

Survey of Retail Prices of Commodities conducted by Philippine Statistics Authority (PSA) has generated a Consumer Price Index (CPI) of 119.1 in Ifugao as of April 2023, using 2018 as the base year. This indicates that the average cost of a basket of goods and services commonly purchased by a typical Filipino household in the different municipalities of Ifugao decreased during the reference month.

In Figure 3, all the Commodity Groups increased in Consumer Price Index except Transport, Housing, Water, Electricity, Gas, and Other Fuels and Food and Non-Alcoholic Beverages which decreased at 1.3 index points.

Figure 3. Consumer Price Index for All Income Households by Commodity Group, Ifugao (2018=100)

The Purchasing Power of the Peso (PPP) is inversely related to Inflation Rate. Thus, as the Inflation Rate increases, the PPP declines.

The value of 1 peso in the 2018 was 84 centavos in April 2023. It dropped by 3 centavos from the 87-centavo worth of the peso April 2022.

In the same manner, a hundred pesos in 2018 was worth 84 pesos in April 2023.

Figure 4. Monthly Purchasing Power of Peso in Ifugao: April 2023 (2018 = 100)