Date of Release: 08 August 2022
Reference No. 2022-12
Inflation in Cagayan Valley increased further to 5.6 percent in July 2022, from 5.3 percent in June 2022. This is the highest recorded inflation since January 2022. Inflation in July 2021 was higher at 7.0 percent. The average inflation for the first 1st semester of the year stood at 4.6 percent.
The increase in the region’s inflation this month was mainly brought about by the higher inflation in Batanes 10.0 percent. However, inflation in Cagayan Valley is lower than the national figure at 0.8 percentage point.
Also, the higher annual increase in the index is primarily attributed to the Food and Non-Alcoholic Beverages at 4.2 percent. from 2.9 percent in the previous month. This was followed by Personal Care, Miscellaneous Good and Services, and Alcoholic Beverages and Tobacco at 3.5 percent and 10.6 percent, respectively. On the contrary, decreases in the annual mark-ups was observed in the following commodity groups:
- Clothing and Footwear, 2.2 percent;
- Housing, Water, Electricity, Gas and Other Fuels, 6.6 percent;
- Furnishings, Household Equipment, and Routine Household Maintenance, 3.8 percent;
- Health, 3.5 percent;
- Transport, 19.9 percent;
- Recreation, Sport and Culture, 1.6 percent and
- Restaurants and Accomodation Services, 1.0 percent
Moreover, the indices of Information and Communication; Education Services, and Financial Services retained their previous month's inflation rates.
Similar to the trend at the national level and in Cagayan Valley, inflation in Cagayan, which further triggered the uptrend inflation of the whole region, rose to 5.9 percent in July 2022, from 5.0 percent in June 2022. In July 2021, inflation in the said province stood at 7.5 percent.
The uptrend in the inflation in Cagayan was mainly due to the higher annual hike in the Food and Non-Alcoholic Beverage index at 6.6 percent.
Contributing also to the uptrend in the inflation in the said province were the higher annual increments registered in the following commodity groups:
- Food and Non-Alcoholic Beverages, 7.3 percent;
- Housing, Water, Electricity, Gas, and Other Fuels, 6.2 percent;
- Personal Care, and Miscellaneous Good and Services, 3.4 percent.
Relative to their annual growth rates in July 2022, the provinces of Batanes, Cagayan and Nueva Vizcaya registered higher inflation during the month except for Isabela and Quirino whose inflation slightly declined from the previous month.
CPIs and inflation rates by province and selected city are posted at the PSA website (https://www.psa.gov.ph/).
MARILYN T. ESTRADA
Philippine Statistics Authority RSSO II