The inflation of the prices of goods and services in the region continued to slow down to 6.5 percent in August 2022, from 7.3 percent in July 2022. In addition, the inflation rate in August 2021 of the region was lower at 4.4 percent. (Table A and Figure 1)

 

The deceleration in the region’s inflation rate in August 2022 was brought about by the lower annual increase in the transport index at 25.0 percent, from 28.7 percent in the previous month. Moreover, the following commodity groups also contributed in the deceleration of inflation rate during the month:

 

a.   Food and non-alcoholic beverages, 5.1 percent;

b.   Alcoholic beverages and tobacco, 9.3 percent;

c.   Restaurants and accommodation services, 7.0 percent; and

d.   Information and communication, 0.4 percent.

 

Meanwhile, higher annual increases were noted in the indices of the following commodity groups during the month:

 

a.   Housing, water, electricity, gas and other fuels, 5.4 percent;

b.   Recreation, sport and culture, 3.1 percent;

c.   Personal care, and miscellaneous goods and services, 4.3 percent;

d.   Furnishings, household equipment and routine household maintenance, 3.0 percent;

e.   Health, 0.2 percent; and

f.     Education services, 0.8 percent.

 

The rest of the commodity groups retained their previous month’s inflation rates. (Table 3 and 4)

 

 

Mt. Province posted the highest inflation rate in the Cordillera region for August 2022 with 8.9 percent. This was followed by Apayao and Benguet, both with 7.9 percent. Baguio City incurred the lowest inflation rate with 4.7 percent in August 2022. (Table A)

 

Unlike the trend at the regional level, the inflation rate in Mt. Province hiked to 8.9 percent in August 2022. In the previous month, the inflation rate was 8.0 percent. In August 2021, the inflation rate in the province was lower at 4.4 percent.

 

The acceleration of the inflation rate in Mt. Province was mainly brought about by the higher annual increase in the restaurants and accommodation services at 15.8 percent, from 12.9 percent in the previous month. Higher annual hikes were also observed in the following indices:

 

a.   Transport, 23.4 percent;

b.   Food and non-alcoholic beverages, 7.1 percent;

c.   Alcoholic beverages and tobacco, 10.3 percent;

d.   Personal care, and miscellaneous goods and services, 4.1 percent;

e.   Clothing and footwear, 6.4 percent;

f.     Information and communication, 0.6 percent;

g.   Recreation, sport and culture, 0.8 percent; and

h.   Furnishings, household equipment and routine household maintenance, 5.0 percent.

On the other hand, annual increases were lower for the following commodity groups in Mt. Province:

    

a.   Education services, (0.5) percent;

b.   Health, 1.3 percent; and

c.   Housing, water, electricity, gas and other fuels, 14.0 percent.

 

The indices of the rest of the commodity groups either retained their previous month’s rates or had zero percent annual growth during the month (Table 4).

 

 

CPI and inflation rates by province and selected city are posted at the PSA website (http://openstat.psa.gov.ph).