Inflation Rate Inched up to 2.9 percent in August 2020

Reference Number: 

PR-2020-014

Release Date: 

Monday, September 28, 2020

Body: 

Cagayan Valley’s annual headline inflation inched up to 2.9 percent in August 2020. Inflation in the previous month was pegged at 2.8 percent and in August 2019, 0.7 percent.

   

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

Following the same trend of the regional level, inflation in the provinces was also higher except for Nueva Vizcaya which posted slower annual gain of 3.4 percent. Among the provinces in the region, Batanes posted the highest inflation rate at 4.4 percent while Quirino remained lowest at 1.9 percent.

Contributing to the uptrend in the inflation this month can be noted to the increased annual rates of the following commodities:

  • Food and non-alcoholic beverages, 1.4 percent;
  • Alcoholic beverages and tobacco, 15.6 percent;
  • Clothing and footwear, 2.9 percent; and
  • Transport, 15.1 percent.

On the other hand, the annual rates of increments were slower in the indices of housing, water, electricity, gas and other fuels at 0.7 percent; furnishings, household equipment and routine maintenance of the house at 2.6 percent; recreation and culture at -0.6 percent; and education at 0.2 percent. The rest of the commodity groups retained their previous month’s annual rates.

 
 
MARILYN T. ESTRADA
Regional Director
 
 
//GMB/MLLP