Release Date :
Reference Number :
2023-32-036
PRICE SITUATION: Year-on-Year
The Province of Kalinga’s 2018 based Consumer Price Index (CPI) in December 2022 rose to 123.0, 12 percent higher compared to the CPI of the month of December 2021 which is at 111.0 index points. This means that a household living in Kalinga needs an additional amount of 23.0 pesos in December 2022 to buy the same basket of goods worth 100 pesos in 2018.
Most of the commodity groups in Kalinga exhibited increase in prices. Transportation reported the highest increase with 22.4 percent from an index of 102.2 in December 2021 to 124.8 in December 2022, followed by Alcoholic beverages and tobacco with a recorded price index of 172.1 this December 2022, indicating an increase of 16.8 percent from 147.2 index of the same month last year. Other commodities with huge increase in their CPI were Restaurants and Accommodation with 14.4 percent, Food and Non-alcoholic Beverages with 9.5 percent, Health with 8.3 percent, Housing, Water, Electricity, Gas and Other Fuels with 5.6 percent, Clothing and Footwear with 7.0 percent, Personal Care, and Miscellaneous Goods and Services with 6.4 percent, and Furnishings, Household Equipment and Repair Maintenance of the House with a percent of 4.4. Education services and Recreation, Sport and Culture displayed a slight increase in percent by 3.5 and 2.4 accordingly.
On the other hand, no changes were recorded for the Information and communication and financial services.
PRICE SITUATION: Month-on-Month
In the month-on-month comparison, the consumer price index in All Items is posted at -0.3 percent (123.4 to 123.0). That may be attributed to the slight change in prices of some commodities during the period.
Compared to the previous month, increase in the price index of commodities was observed in Personal Care, and Miscellaneous Goods with 0.8 percent change (115.8 to 116.7); Clothing and Footwear with 0.7 percent change (121.3 to 122.2); Housing, Water, Electricity, Gas and other Fuels with 0.5 percent change (114.0 to 114.6); Health with 0.4 percent change (133.2 to 133.7); Furnishings Household Equipment and Routine Maintenance of the House with 0.2 percent change (125.1 to 125.4);
Moreover, there was a high decrease to the items of Transport with -10.1 percent change (131.4 to 126.6), and Recreation, Sport and Culture with -0.2 percent change (113.2 to 113.0)
Meanwhile, stable price index registered 0 percent change in the following items; Financial Services with 146.0; Education with 126.5; Alcoholic Beverages and Tobacco with 172.1; Restaurant and Accommodation Services with; Food and Non-alcoholic Beverages with 121.3; 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 December 2022 is posted at 0.81.
INFLATION RATE (IR)
The headline inflation rate goes down to 9.7 percent in the month of December this year, from the 10.4 inflation rate in November 2022. Moreover, it increased by more than 4.8 percent from December 2021.
Among all commodity groups, Personal Care, and Miscellaneous Goods and Services (0.8 percent) and Clothing and Footwear (0.7) shows slight increase in the inflation rate during the month of December 2022; it was followed by Housing, Water, Electricity, Gas and other Fuels, Health, Furnishings, Household Equipment, and routine Household Maintenance, with a 0.5, 0.4, 0.2, percent increase respectively.
However, stable price index was registered 0 percent change in the following items; Financial Services, Education with Alcoholic Beverages and Tobacco, Restaurant and Accommodation Services, Food, Non-alcoholic Beverages and Information and Communication.
Among all commodity groups, Personal Care, and Miscellaneous Goods and Services (0.8 percent) and Clothing and Footwear (0.7) shows slight increase in the inflation rate during the month of December 2022; it was followed by Housing, Water, Electricity, Gas and other Fuels, Health, Furnishings, Household Equipment, and routine Household Maintenance, with a 0.5, 0.4, 0.2, percent increase respectively.
However, stable price index was registered 0 percent change in the following items; Financial Services, Education with Alcoholic Beverages and Tobacco, Restaurant and Accommodation Services, Food, Non-alcoholic Beverages and Information and Communication.
Purchasing Power of Peso
The Purchasing Power of Peso (PPP) in Kalinga was valued at 0.81 this December 2022, 8 centavos lower than the PPP of December 2021.
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.
MARIBEL M. DALAYDAY
Chief Statistical Specialist
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