The headline Inflation in Kalinga continued to soar high to 8.4 in June 2022, from 6.7 percent in May 2022. The 8.4 inflation is higher than the recorded inflation in CAR at 7.5 percent and in the whole country at 6.1 percent. The average inflation for the six months of the year stood at 5.13 percent.

 

The acceleration in the province’s inflation was mainly brought about by the higher annual increase in the index for Recreation 32 percent, Transport 31.6 percent, Restaurant, Misc. goods and Services at 13.7 percent. Also contributing to the uptrend in the overall inflation during the period were the higher annual increase in the indices of the following commodity group as compared with the previous month’s inflation rates; Housing, water, Electricity, gas and other Fuels at 11.9 percent, Alcoholic Beverages and Tobacco at 9.5 percent.

 

Moreover, in the health part of the commodity group slowed down in the index at 6.4 percent, Food and non-alcoholic Beverages at 4.4 percent and personal care at 2.9 percent, clothing and footwear at 2.6 percent. Information and communication have a decrease in 0.2 percent from the previous month from 0.9 percent in May to 0.7 percent at the present month.

 

 

 

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.