1. Philippines

Headline inflation in the Philippines eased to 6.3 percent in August 2022, after five consecutive months of acceleration. With this month’s inflation, the Philippine’s average inflation from January to August 2022 stood at 4.9 percent. In August 2021, inflation rate was posted at 4.4 percent.

The slowdown in inflation at the national level in August 2022 was primarily due to the lower annual increment recorded in the index for transport at 14.6 percent, from 18.1 percent in the previous month. This was followed by food and non-alcoholic beverages whose index declined by 6.3 percent year-on-year, from 6.9 percent in July 2022. The index for information and communication also exhibited lower annual growth at 0.4 percent, from 0.5 percent in July 2022.

2. Cordillera Administrative Region (CAR)

Following the trend at the national level, inflation in CAR declined from 7.3 percent in July 2022 to 6.5 percent in August of the same year.

The decline of inflation in the region was primarily due to transport with an inflation rate of 25.0 percent in August 2022, alcoholic beverages and tobacco index at 9.3 percent, and restaurants and accommodation services at 7.0 percent.

Inflations of following commodity groups were also as follows:

1. Food and non-alcoholic beverages, 5.1 percent;
2. Housing, water, electricity, gas and other fuels, 5.4 percent;
3. Personal care, and miscellaneous goods and services, 4.3 percent;
4. Clothing and footwear, 3.2 percent;
5. Recreation, sport and culture, 3.1 percent;
6. Health, 2.9 percent;
7. Furnishing, household equipment and routine household maintenance, 3.0 percent
8. Education services, 0.8 percent
9. Information and communication, 0.4 percent

Financial services had zero percent inflation rate during the month.

3. Baguio City

Baguio City likewise declined to 4.7 percent in August 2022, from 6.0 percent in July 2022.

Transport services posted the highest inflation rate among the commodity groups at 17.1 percent. It was followed by alcoholic beverages and tobacco at 12.5 percent and food and non-alcoholic beverages at 8.4 percent.

Inflation rate of the following commodity groups were also as follows:

1. Housing, water, electricity, gas, and other fuels, 1.0 percent;
2. Personal care, and miscellaneous goods and services, 4.5 percent;
3. Furnishing, household equipment and routine household maintenance, 2.2 percent
4. Education services, 1.3 percent
5. Clothing and footwear, 0.4 percent
6. Recreation, sport and culture, 1.6 percent;
7. Health, 1.3 percent
8. Restaurant and accommodation services, 0.7 percent

Meanwhile, information and communication, and financial services had 0 percent inflation for this month.

Note: CPIs and inflation rates by region, province and selected city are posted at the PSA website (https://openstat.psa.gov.ph/).