Release Date :
Reference Number :
23CAR44-255
Mountain Province CPI Geared Up in February 2023
The Consumer Price Index for all items in Mountain Province for the month of February 2023 was 126.8 using 2018 as base year. This was 0.2 index points higher compared to its preceding month with CPI of 126.6 and 11.6 index points higher compared to the same month of 2022 with 115.2 index points.
The recorded CPI of 126.8 in the province this month was the highest recorded CPI by month since it was rebased in 2018 and was also the highest CPI compared to the different provinces and highly urbanized city in the Cordillera Administrative Region (CAR).
Table 1: Monthly CPI for All Income Households by Commodity Group,
Mountain Province: January 2023
(2018 = 100)
| Commodity Group | February | January | February |
|---|---|---|---|
| 2022 | 2023 | 2023 | |
| ALL ITEMS | 115.2 | 126.6 | 126.8 |
| Food and Non-Alcoholic Beverages | 110.5 | 123.6 | 123.6 |
| Alcoholic Beverages and Tobaco | 153.6 | 163.1 | 163.9 |
| Clothing and Footwear | 113.0 | 118.3 | 118.4 |
| Housing, Water, Electricity, Gas and Other Fuels | 124.4 | 140.4 | 140.7 |
| Furnishing, Household Equipment and Routine Household Maintenance | 122.1 | 129.2 | 130.0 |
| Health | 108.7 | 105.7 | 105.3 |
| Transport | 115.2 | 130.7 | 131.0 |
| Information and Communication | 99.4 | 99.8 | 99.8 |
| Recreation, Sport and Culture | 104.8 | 108.5 | 108.7 |
| Education Services | 105.3 | 104.8 | 104.8 |
| Restaurants and Accommodation Services | 138.2 | 156.7 | 157.6 |
| Financial Services |
100.0 |
100.0 | 100.0 |
| Personal Care and Miscellaneous Goods and Services | 113.7 | 116.1 | 115.9 |
Commodity Group “Alcoholic Beverages and Tobacco” Tops the Index
Among the different commodity groups, Alcoholic Beverages and Tobacco had the highest CPI among the thirteen major commodity groups with a consumer price index of 163.9 for the month of February 2023. Among its subgroups, tobacco had the highest price index with 214.6 while other vegetable-based tobacco products had a price index of 156.5.
Figure 1: Consumer Price Index for All Income Households
Mountain Province: February 2023
(2018 = 100)
Restaurant and Accommodation Services ranked second among the commodity groups with 157.6 index points. Food and Beverage Serving Services had the highest index points with 164.8 among its subgroups followed by Accommodation Services with 125.4 index points.
Housing, water, electricity, gas and other fuels ranked third with an index point of 140.7. Among its subgroups, electricity, gas and other fuels had the highest index point of 161.2 followed by actual rentals for housing with an index point of 126.9.
Information and Communication incurred the lowest CPI in the province during the month with an index point of 99.8 while Financial Services showed no changes in its index points.
CPI for All Items Shows an Upward Trend
Figure 2 shows the CPI for All Items in the province for the month of January 2023 and February 2023. The indices for All Items showed an increase from January 2023 to February 2023 with index points 126.6 and 126.8 respectively.
By index point change, all Items had an increase of 0.2 from the last two months.
Figure 2: Consumer Price Index by Commodity Group,
Mountain Province: January 2023 and February 2023
(2018 = 100)
Among the different commodity groups, restaurants and accommodation services slightly increased by 0.9 index point followed by alcoholic beverages and tobacco and furnishing, household equipment and routine household maintenance both increased by 0.8 index points. While health and personal care, miscellaneous goods and services decreased by 1.4 and 0.2 index points respectively.
Information and communication; food and non-alcoholic beverages; education services; and financial services did not show any changes in terms of index points.
Inflation Rate by Month
Inflation in Mountain Province increased to 10.1 percent in February 2023 from 9.8 percent in January 2023. In February 2022, inflation was lower at 3.0 percent.
The acceleration in the inflation rate in February 2023 was primarily due to the higher annual growths in the food and non-alcoholic beverages at 11.9; restaurants and accommodation services at 14.0; furnishings, household equipment and routine household maintenance at 6.5 and recreation, sport and culture at 3.7 percent respectively.
Figure 3: Inflation Rate by Month,
Mountain Province: February 2022 –February 2023
(2018 = 100)
Meanwhile, alcoholic beverages and tobacco; clothing and footwear; transport; personal care, miscellaneous goods and services decreased at 6.7; 4.8; 13.7 and 1.9 percent respectively. The rest of the commodity groups changed but at a minimal rate.
Purchasing Power of Peso (PPP) Slides
The Purchasing Power of the Peso (PPP) in the province for the month of February 2023 remained at 0.79 from its preceding month and decreased by 8 centavos compared to the same month of the previous year. Thus, a hundred peso in 2018 is worth 79 pesos for the month of February 2023. (Figure 4)
Figure 4: Purchasing Power of Peso,
Mountain Province: February 2022 – February 2023
(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 (RP) - 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, et.
JERRY G. SANTOS
Chief Statistical Specialist
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 Consumer Price Index (CPI) in Mountain Province: February 2023 |
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