Apayao Headline Inflation Accelerates to 10.3 percent in November 2022

Table 1. Year-on-Year Inflation Rates in Apayao Province, All Items in Percent November 2022 (2018=100)

Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index, Philippine Statistics Authority

The province of Apayao recorded the highest inflation since November 2021. The province’s inflation rate accelerated to 10.3 percent, higher than the previous month with 8.5 percent. (Figure 1 and Table 1)

Figure 1. Year-on Year Inflation Rate, All Items in Percent November 2021 - November 2022 (2018=100)

Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index, Philippine Statistics Authority

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

Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index, Philippine Statistics Authority

The continuous uptrend in the province’s inflation rate in November 2022 was primarily due to the increase of some of the commodity groups: Food and Nonalcoholic Beverages with 3.2 percent; Restaurants and Accommodation Services with 1.5 percent; Clothing and Footwear with 1.3 percent; Personal Care, and Miscellaneous Goods and Services with 0.9 percent; and Housing, Water, Electricity, Gas, and Other Fuels with 0.6 percent. The acceleration in the province’s inflation rate denotes that the value of peso decreases but the value of dollar increases. (Figure 2 and Table 2)

Four commodity groups slightly decelerated in their inflation rate: Recreation, Sport, and Culture with 1.2 percent; Transport with 0.8 percent; Alcoholic Beverages and Tobacco with 0.3 percent; and Furnishings, Household Equipment and Routine Household Maintenance with 0.3 percent. (Figure 2 and Table 2)

The remaining commodity groups with constant inflation rate are: Health with 1.8 percent; Information and Communication with 1.1 percent; Education Services with - 0.1 percent; and Financial Services at 0.0 percent. (Figure 2 and Table 2)

Figure 2. Inflation Rate of All Items by Commodity Groups, Comparison Between October 2022 and November 2022

Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index, Philippine Statistics Authority

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.

Inflation refers to an overall increase in the Consumer Price Index (CPI), which is a weighted average of prices for different goods.

Commodity Groups are group of goods and services found in the market basket. There are thirteen (13) commodity groups which were arranged according to the PCOICOP.

PCOICOP stands for Philippine Classification of Individual Consumption According to Purpose

FNAB stands for Food and Non-Alcoholic Beverages

ABT stands for Alcoholic Beverages and Tobacco

CF stands for Clothing and Footwear

HWEGO stands for Housing, Water, Electricity, Gas, and Other Fuels

FHERHM stands for Furnishings, Household Equipment and Routine Household Maintenance

IC stands for Information and Communication

RSC stands for Recreation, Sport, and Culture

ES stands for Education Services

RAS stands for Restaurants and Accommodation Services

FS stands for Financial Services

PCMGS stands for Personal Care, Miscellaneous Goods and Services