Release Date :
Reference Number :
2023CAR32-247
The headline Inflation rate in Kalinga slowly goes down to 10.1 percent in February 2023, from 11.4 percent in January 2023. In February 2022, inflation rate was observed at 2.9 percent.
The decrease in the province’s inflation was brought about by the slight decrease in the index for Housing, Water, Electricity with 3.8 percent this February 2023 compared from 6.6 percent last February 2022.
Moreover, the following commodities shows increase in the month of February: Transportation with 18.1 percent while in February 2022 it recorded 13.9 percent; Restaurants and Accommodation with 12.7 percent on this month (February 2022, 8.6), Alcohol and beverages with 16.1 percent (February 2022, 4.1 percent), Furnishings, Household Equipment and Repair Maintenance of the House with 8.7 percent (February 2022, 0.8 percent), Health with 9.9 percent (February 2022, 5.0 percent), Clothing and Footwear with 7.5 percent (February 2022, 1.1 percent ). Meanwhile, Recreation, Sport and Culture, and Personal Care and Miscellaneous displayed a slight increase in percent by 2.6 percent from 2.2 percent and 7.3 percent from 0.3 percent accordingly.
On the other hand, no change was recorded for the Financial Services and Alcoholic Beverages and Tobacco.
PRICE SITUATION: Month-on-Month
In the month-on-month comparison, the consumer price index in All Items is posted at -0.6 percent (125.3 to 124.5). The minor decrease on the monthly inflation rate of the month was the result of the price reduction of prices from the group of Food and Non-Alcoholic beverages with -2.0 percent change (126.1 to 123.6).
Furthermore, increase in the price index of commodities was observed in Furnishings Household Equipment and Routine Maintenance of the House with 1.9 percent change (128.0 to 130.4), Health with 0.6 percent change (134.5 to 137.0); Clothing and Footwear with 0.7 percent change (122.3 to 123.1); Recreation, Sport and Culture with -0.1 percent change (113.0 to 112.9); Housing, Water, Electricity, and other Fuels with 0.5 percent change (114.0 to 114.6), Alcoholic Beverages and Tobacco with 0.3 percent ( 172.2 to 172.7); Transport with 0.2 percent change ( 125.7-125.9); Personal Care, and Miscellaneous Goods with 0.2 percent change (118.7 to 118.3).
Meanwhile, stable price index registered 0 percent change in the following items; Financial Services with 144.5; Restaurant and Accommodation Services with 144.5, Education with 126.5 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 February 2023 is posted at 0.80.
Purchasing Power of Peso
The Purchasing Power of Peso (PPP) in Kalinga was valued at 0.80 this February 2023, 8 centavos lower than the PPP of February 2022.
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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