Apayao Inflation Decreased to 9.5 percent in March 2023

Table 1. Year-on-Year Inflation Rates in Apayao Province, All Items in Percent March 2023 (2018=100)

The province’s inflation rate decreased to 9.5 percent in March 2023, higher by 6.5 percentage point compared in the same month in the previous year with 3.0 percent but 0.4 percentage point lower than the previous month with 9.9 percent. (Figure 1 and Table 1)

Figure 1. Year-on Year Inflation Rate, All Items in Percent March 2022 – March 2023 (2018=100)

Table 2. Year-on-Year Inflation Rates in Apayao, By Commodity Groups in Percent (2018=100)

The main driver in the decrease of the province’s inflation rate in March 2023 was primarily due to the decrease in the index of the seven commodity groups which are: 1) Transport, by 8.3 percentage point with 59.4 % share in the downtrend; 2) Housing, Water, Electricity, Gas and Other Fuels by 2.4 percentage point with 33.3 % share; 3) Restaurants and Accommodation Services by 2.5 percentage point with 2.3 % share; 4) Furnishings, Household Equipment and Routine Household Maintenance by 0.6 percentage point with 1.6 % share; 5) Personal Care, and Miscellaneous Goods and Services by 0.3 percentage point with 1.3 % share; 6) Alcoholic Beverages and Tobacco by 0.7 percentage point with 1.2 % share; and 7) Health by 0.4 percentage point with 0.9 % share in the downtrend.

(Figure 2 and Table 2)

Moreover, the following commodity subgroups which had the highest percent share in the downtrend during the month of March are:

1. Gasoline (ND) by 27.1 percent;

2. Tomatoes, fresh or chilled by 12.3 percent;

3. Rentals actually paid by tenants/ subtenants occupying unfurnished/ furnished premises as their main residence by 9.4 percent;

4. Liquified hydrocarbons (butane, propane, etc) delivered in storage containers by 9.0 percent; and

5. Diesel (ND) by 8.2 percent.

On the contrary, four commodity groups increased in their inflation rate: Food and NonAlcoholic Beverages by 1.2 percentage point; Clothing and Footwear by 1.0 percentage point; Information and Communication by 0.2 percentage point; and Recreation, Sport and Culture by 0.2 percentage point. (Figure 2 and Table 2)

Meanwhile, the remaining commodity groups with constant inflation rate are: Education Services and Financial Services at 0.0 percent. (Figure 2 and Table 2)

Figure 2. Inflation Rate of All Items by Commodity Groups, Comparison Between February 2023 and March 2023

Purchasing Power of Peso (PPP) recorded at 0.83 in March 2023

Purchasing power of peso continue to weaken through the years and reached 0.83 in March 2023. The PPP of 0.83 implies that the Php1.00 in the base year 2018 values only Php0.83 in March 2023. (Figure 3)

Figure 3. Purchasing Power of Peso in Apayao (2018=100): March 2018-March 2023

DEFINITION OF TERMS

Consumer Price Index (CPI) measures the overall change in consumer prices based on a representative basket of goods and services over time.

Approved by:

GEOFFREY B. CALIMUHAYAN

Chief Statistical Specialist

/LSBT