Inflation rate in Cordillera Administrative Region (CAR) slows down to 4.7 percent in October 2023 from 5.2 percent of September 2022. This was mainly due to increases in the prices of Food and Non-Alcoholic Beverages that contributed 90.2 percent share to the uptrend of inflation. This commodity group includes tomatoes, rice, and sugar as major contributor. Moreover, Restaurants and Accommodation Services accounted for 4.1 percent and Housing, Water, Electricity, Gas and Other Fuels with 2.9 percent.

Philippine Statistics Authority (PSA) - CAR Chief Statistical Specialist Aldrin Federico R. Bahit, Jr. reported Thursday that lower inflation rates were observed in the following commodity groups in October 2023 compared to the previous month: Food and Non-Alcoholic Beverages with 9.6 percent from 11.8 percent; Alcoholic Beverages and Tobacco with 5.6 percent from 5.9 percent; Recreation, Sport and Culture with 2.8 percent from 3.4 percent; Restaurants and Accommodation Services with 5.5 percent from 6.4 percent; and Personal Care, and Miscellaneous Goods and Services with 3.3 percent from 3.6 percent.

Ifugao had the highest inflation rate among the six provinces and one Highly Urbanized City (HUC) in CAR with 8.9 percent while Mountain Province had the lowest with 1.4 percent. The Purchasing Power of the Peso in CAR from base year 2018 is currently at 81 centavos in September 2023.This means that one peso in 2018 is was worth 81 centavos in October 2023. 

This month’s discussant was Senior Economic Development Specialist Odette G. Abitan of National Economic Development Authority (NEDA) – CAR. She presented the inflation of the bottom 30 percent in CAR emphasizing the Eight-Point Socioeconomic Agenda of PBBM, particularly the agenda to protect the purchasing power of families by ensuring food security, reducing transport and logistics costs, and
reducing energy costs.                                                                                                    .
                            
The online dissemination of the October 2023 Cordillera Inflation Report was conducted on 23 November 2023 via Google Meet. This was attended by 46 participants from Regional Line Agencies (RLAs), Local Government Units (LGUs), academe, and the media.

For more information and other inquiries about the Consumer Price Index and Inflation Rates, you may contact us at email address rssocarsocd@psa.gov.ph or phone number (074) 442-7449.

(SGD)
VILLAFE P. ALIBUYOG
Regional Director