In the based year 2018=100, there was an increase of 13.7 index points in the average retail price by a fixed basket of goods and services commonly purchased by the households.

Survey of Retail Prices of Commodities conducted by Philippine Statistics Authority (PSA) has generated a Consumer Price Index (CPI) of 113.7 in Ifugao as of January 2022, 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 households in the different municipalities of Ifugao increased during the reference month. This is 0.7 index points compared in December 2021 with CPI=113.0 and 5.0 index points higher a year ago.

Table 1. Monthly Consumer Price Index for All Income Households by Commodity Group,

Ifugao: January 2022 - December 2021 (2018=100)

Source of data: PSA, Price Statistics Division

Table 1 shows that commodity under the groups of the Restaurant and miscellaneous and services, Alcoholic beverages and tobacco, Clothing & footwear, Health, Transport, Housing, water, electricity, gas and other fuel, and Recreation and Culture had the highest corresponding CPI’s of 123.1, 122.1, 117.4, 117.1, 116.4, 115.0 and 114.2 in January 2022, respectively. These seven commodity groups have CPI higher than the total average CPI of All items in the province.

On the other hand, Communication and Financial Services with identical CPI’s of 100.0 had no significant changes across the months. These mean that price of Communication and Financial Services did not move from the past month

Figure 1. Consumer Price Index Per Commodity Group, Ifugao: January 2022 (2018=100)

Source of data: PSA, Price Statistics Division

Inflation Rate deccelerated at 4.6 percent

In January 2022, the Inflation Rate of Ifugao increased at 4.6 percent from 3.8 percent in December 2021.

The average headline Inflation Rate (IR) in Ifugao accelarated to 4.6 percent as of January 2022 from 3.8 percent in December 2021. This was realized because of the slight movement of prices of goods and services commonly purchased by the households in the province for the past months.

Figure 2 shows an increasing trend like a roller coaster in upward motion. The result for December 2021 posted 0.8 index points decreased from the same period a year ago.

Figure 2. Year-on-Year Headline Inflation Rate, All Items, Ifugao:January 2022-January 2021 (2018 = 100)

Source of data: PSA, Price Statistics Division

In Table 2, the heavily-weighed Food and non-alcoholic beverages posted a 1.4 percent increase from last month indicating the slight movement of prices in the province. It is noted that Housing, water, electricity, gas and other fuel had the fastest decreasing Inflation Rate in January 2022.

Table 2. Month-on- Month Headline Inflation Rate, All items by Commodity Group, Ifugao: January 2022-January 2021 (2018=100)

Source of data: PSA, Price Statistics Division

Consumer Price Index by Province

In table 3, Cordillera Administrative Region (CAR) generated a CPI of 111.7 in January 2022 for All Items commonly purchased by households in the region.

Mountain Province recorded a CPI of 115.3, the highest in the region, followed by Ifugao with CPI 113.7, and Benguet with 113.0 index points.

On the other hand, Abra and Apayao had the least CPI among the provinces in the region with identical 109.8 index points.

Table 3. Monthly Consumer Price Index for All Income Households by Commodity Group, CAR: January 2022 (2018 = 100)

Source of data: Philippine Statistics Authority

Purchasing Power of Peso (PPP)

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

The average PPP in Ifugao in January 2022 is at Php 0.88 or you need Php 1.14 [(1/88)*100] to buy the same product in 2018.

Also, a basket of goods and services that can be bought by a typical Filipino household worth 100 pesos in 2018 is worth 114 pesos in January 2022. It is noted that PPP did not moved from Php 0.88 in December 2021 as compared during the reference month, see figure 3.

In Ifugao a peso in 2018 is only worth 92 centavos in January 2021 and 88 centavos in in January 2022.

Figure 3. Monthly Purchasing Power of Peso, Ifugao: January 2022 (2018=100)

Source of data: PSA, Price Statistics Division