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Release Date :
Reference Number :
24CAR32-844

The headline Inflation rate in Kalinga went up to 4.5 percent in May 2024, from 3.5 percent in   May 2024. In May 2023, inflation rate was observed at 4.1 percent.

 

PRICE SITUATION: Month-on-Month

In the month-on-month comparison, the consumer price index in All Items is   posted at 0.2 percent higher from 126.2 to 126.5. The slight increase on the monthly CPI of the month was the result of the increase of prices from the group of Food and Non-Alcoholic beverages with 0.8 percent change from 126.2 to 128.0, Alcoholic Beverages and Tobacco with 0.4 percent change  from 184.5 to 185.3, Recreation and Culture with 0.3 percent change from 118.8 to 119.2, Clothing and Footwear with 0.2 percent change from 129.1 to 129.4, Personal Care and Miscellaneous Goods and Services with 0.2 percent change from 122.8 to 123.0 and then from the following group with the same 0.1 percent increase;  Health from 139.7 to 139.9. Furnishings, Household Equipment and Routine Household maintenance from 134.9 to 135.0 and lastly with Information and Communication with 103.2 to 103.3.

Moreover, decrease in percent change in the group of Transport with -1.4 percent change from 122.6 to 120.9 and Housing, Water, Electricity, Gas and other Fuels and Restaurant and Accommodation Services shows with -0.1 percent change from 110.5 to 110.4.

Meanwhile, stable consumer price index registered in the following items; Financial Services with 146.0; Restaurant and Accommodation Services with 147.7 and Education services with 127.7.

 

Purchasing Power of Peso

The Purchasing Power of Peso (PPP) in Kalinga was valued at 0.79 this May 2024, 4 centavos lower than the PPP of May 2023 with 0.83 centavos.

 

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 Rateis 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.

Uses of the CPI

As an indicator, the CPI is the most widely used in the calculation of the inflation rate and purchasing power of the peso. It is a major statistical series used for economic analysis and as monitoring indicator of government economic policy.

The CPI is also used as a deflector to express value series in real terms, which is, measuring the change in actual volume of transaction by removing the effects of price changes. The CPI also serves as inputs in wage adjustments through the collective bargaining agreements.

 


sgd.
MARIBEL M. DALAYDAY
Chief Statistical Specialist

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