The country’s headline inflation accelerated further to 8.0 percent in November 2022, from 7.7 percent in October 2022. This is the highest recorded inflation since November 2008. With this month’s inflation, the country’s average inflation rate from January to November 2022 stood at 5.6 percent. In November 2021, inflation rate was observed at 3.7 percent.

The sustained acceleration of inflation in November 2022 was mainly due to the higher year-on-year growth rate in the index of food and non-alcoholic beverages at 10.0 percent, from 9.4 percent in October 2022. Also contributing to the uptrend is the higher annual increment in the index of restaurants and accommodation services at 6.5 percent, from 5.7 percent in October 2022.

2. Cordillera Administrative Region (CAR)

Inflation in CAR increase to 7.6 percent in November 2022 from the 6.6 percent of the previous month. Inflation in CAR for the same month of last year was at 5.6 percent.

The top 3 commodity groups in terms of inflation in November 2022 was Transport with an inflation rate of 19.3 percent, Alcoholic beverages and tobacco index at 9.8 percent, and Food and non-alcoholic beverages at 9.0 percent.

Inflations of following commodity groups were also as follows:

a.   Restaurants and accommodation services, 7.0 percent;

b.   Housing, water, electricity, gas and other fuels, 4.9 percent;

c.    Personal care, and miscellaneous goods and services, 4.6 percent;

d.   Clothing and footwear, 3.5 percent;

e.   Recreation, sport and culture, 4.8 percent;

f.     Health, 3.7 percent;

g.   Furnishing, household equipment and routine household maintenance, 3.2 percent

h.   Education services, 1.1 percent

i.      Information and communication, 0.1 percent

Financial services still had zero percent inflation rate during the month.

3. Benguet

Similar to the trend at the national and regional level, inflation in Benguet had increased to 7.2 percent in November 2022 from the 6.9 percent in October.  

Transport services posted the highest inflation rate among the commodity groups at 18.3 percent. It was followed by Food and non-alcoholic beverages at 9.8 percent, and Alcoholic beverages and tobacco at 7.9 percent.

Contributing also to the inflation in the province were the following commodity groups:

a.   Restaurant and accommodation services, 5.9 percent;

b.   Personal care, and miscellaneous goods and services, 5.1 percent;

c.    Housing, water, electricity, gas, and other fuels, 3.0 percent;

d.   Clothing and footwear, 4.3 percent;

e.   Recreation, sport and culture, 5.7 percent;

f.     Health, 3.9 percent

g.   Furnishing, household equipment and routine household, 3.2 percent

h.   Education services, 0.8 percent

Financial services and Information and communication still had zero percent inflation rate during the month.

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