Release Date :
Reference Number :
22CAR44-445
Mountain Province CPI Geared Up in June 2022
The Consumer Price Index of Mountain Province for the month of June 2022 was 119.9 using 2018 as base year. This is 1.1 index points higher compared to its preceding month with an index point of118.8. It is also higher by 9.4 index points compared to the same month of 2021.
Table 1: Monthly CPI for All Income Households by Commodity Group,
Mountain Province: June 2022
(2018 = 100)
| Commodity Group |
June 2021 |
June 2022 |
|---|---|---|
| All Items | 110.5 | 119.9 |
| Food and Non-alcoholic Beverages | 107.4 | 114.2 |
| Alcoholic Beverages and Tobacco | 149.2 | 161.8 |
| Clothing and Footwear | 110.4 | 116.8 |
| Housing, water, electricity, gas and other fuels | 113.5 | 132.5 |
| Furnishings, Household Equipment and Routine Maintenance | 118.9 | 124.1 |
| Health | 106.4 | 109.1 |
| Transport | 107.7 | 129.6 |
| Information and Communication | 99.2 | 99.5 |
| Recreation, Sport and Culture | 105.5 | 105.5 |
| Education Services | 105.3 | 105.3 |
| Restaurant and Accommodation Services | 129.9 | 145.1 |
| Financial Services | 100.0 | 100.0 |
| Personal Care, and Miscellaneous Goods and Services | 112.3 | 115.8 |
Commodity Group Alcoholic Beverages and Tobacco Tops the Index
By commodity group, Table 1 shows that Alcoholic Beverages and Tobacco had the highest index among the thirteen major commodity groups with consumer price index of 161.8 for the month of June 2022. Among its subgroups, tobacco continues to the highest index with 205.9 index points while other vegetable-based tobacco products had a price index of 171.1.
Restaurant and Accommodation Services ranked second among the commodity groups with 145.1 index points. Food and Beverage Serving Services had the highest index points with 154.9 among its subgroups followed by Accommodation Services with 106.8 index points.
Housing, water, electricity, gas and other fuels ranked third with index points of 132.5. Among its subgroups, electricity, gas and other fuels had the highest index points of 159.6 while the water supply and miscellaneous services relating to dwelling retained the previous months index points.
Information and Communication incurred the lowest CPI in the province during the month with a stable index point of 99.5.
Figure 1: Consumer Price Index by Commodity Group,
Mountain Province: June 2021 and June 2022
(2018 = 100)
CPI for All Items Shows an Upward Trend
Figure 1 shows the consumer price index for All Items in the province for the month of June 2021 and 2022. The indices for All Items showed an increasing trend for the said month with index points 110.5, and 119.9 respectively.
By index point change, all Items had an increase of 9.4 points from 110.5 index points in June 2021 to 119.9 in the same month of 2022.
Specifically, Transport recorded the highest increase with 21.9 points followed by Housing, Water, Electricity, Gas, and other fuels, Restaurants and Accommodation Services, and Alcoholic Beverages and Tobacco increased by 19, 15.2 and 12.6 index points respectively.
Education Services, Recreation, Sports and Culture, and Financial Services did not show any changes in index points while Information and Communication has the lowest change with 0.3 index points.
Inflation Rate Rising
Inflation rate in Mountain Province increased from 7.0 percent in May 2022 to 8.5 percent in June 2022. In June of the previous year, inflation was lower at 3.7 percent.
The acceleration in the province inflation rate in June 2022 was primarily due to the higher annual growths in the food and non-alcoholic beverages and housing, water, electricity, gas and other fuels.
Figure 3: Inflation Rate by Month,
Mountain Province: June 2021 - June 2022
(2018 = 100)
On the contrary, inflation rates were lower for Personal Care, and miscellaneous goods and services at 3.1 percent. The rest of the commodity groups retained their previous month’s inflation rates.
The uptick in the food inflation was primarily influenced by the vegetables, tubers, plantains, cooking bananas and pulses index at 21.7 percent and oils and fats index at 14.1 percent. The indices for corn, ready-made food and other food products n.e.c. was down by 6.4 percent.
Purchasing Power of Peso (PPP) Slides
The Purchasing Power of the Peso (PPP) in the province for the month of June 2022 decreased to 0.83 centavos as compared to its preceding month with 0.84 centavos and decreased by 7 centavos compared to the same month of the previous year. Thus, a hundred peso in 2018 was worth 83 pesos in June 2022.
Figure 4: Purchasing Power of Peso,
Mountain Province: June 2021 - June 2022
(2018 = 100)
Technical Notes
Consumer Price Index (CPI) A single number used to measure changes in the average retail prices of a market basket or collection of goods and services commonly purchased by an average Filipino household. It shows how much on the average, prices of goods and services have increased or decreased from a particular reference period known as base year.
The CPI measures the changes in the price level of goods and services that most people buy for their day-to-day consumption relative to a base year (currently at year 2018)
It is widely used in the calculation of the inflation rate and purchasing power of the peso. Changes in the CPI over a specified period of time (usually a month or a year), is the rate of inflation. Inflation is equivalent to a decline in the purchasing power of peso (PPP).
The Purchasing Power of Peso (PPP) gives an indication of the real value of the peso (how much it is worth) in a given period relative to its value in a base period. Or it measures how much the peso in the reference year is worth in another year.
Inflation Rate (IR) is the rate of change in the average price level between two periods (year-on year/month-on-month as measured by the CPI).
Base Year (BY) is the reference point of the index number series, at which the index number is set to zero.
Market Basket (MB) is a sample of goods and services used to represent all goods and services produced or bought.
The monthly Consumers Price Index is computed based on the average retail prices of goods and services collected during the first week and mid-month of the reference month.
Retail Price - the actual price at which retailers sell a commodity on spot or earliest delivery, usually in small quantities for consumption and not for resale. It is confined to transactions on cash basis in the free market and excludes black-market prices and prices of commodities that are on sale as in summer sales, anniversary sales, Christmas sales, etc.
| Attachment | Size |
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 CPI_PR_June-2022.pdf |
729.57 KB |