Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index

Philippine Statistics Authority

 

Inflation in Cagayan Valley decreased further to 4.8 percent in April 2023, from 6.2 percent in March 2023. This brings the average inflation rate from January to April 2023 to 6.7 percent. The inflation rate in April 2022 was lower at 4.6 percent. (Figure 1 and Table 1)  

All provinces in the region exhibited lower inflation rates as compared with their respective annual rates in March 2023. Batanes remained as the province with the highest inflation rate at 7.2 percent, while Quirino still had the lowest inflation at 2.3 percent. (Table 1)

 

 

The slowdown in the overall inflation in April 2023 was mainly due to the lower annual increase in housing, water, electricity, gas and other fuels at 4.1 percent in April 2023, from 7.2 percent in March 2023. Also contributing to the downtrend in the overall inflation was the lower annual increments registered in the following commodity groups:

• food and non-alcoholic beverages, 6.6 percent;
• transport, -1.6 percent;
• alcoholic beverages and tobacco, 13.1 percent;
• recreation, sport and culture, 3.9 percent; and
• health, 2.7 percent.

 

On the other hand, higher inflation rates were observed in the following commodity groups during the month:

• clothing and footwear, 4.3 percent;
• furnishings, household equipment and routine household maintenance, 7.1 percent; and
• restaurants and accommodation services, 2.6 percent.

 

Furthermore, the indices of information and communication, education services, financial services and personal care, and miscellaneous goods and services retained their respective March 2023 inflation rates. (Table 2)

 

Food inflation at the regional level slowed down further to 6.6 percent in April 2023, from 8.0 percent previous month. In April 2022, food inflation was lower at 1.6 percent.

 

Similar to the trend in the previous month, the primary driver of slower food inflation was the lower inflation rate in the index of vegetables, tubers, plantains, cooking bananas and pulses at 10.0 percent, from 25.2 percent in March 2023. This was followed by meat and other parts of slaughtered land animals at 0.7 percent and oils and fats at 5.7 percent, from their March 2023 inflation rates of 2.0 percent and 11.6 percent, respectively.

 

For this month of reporting, Isabela province primarily contributed to the deceleration of the inflation of the region with 52.4 percent share to the downtrend. The deceleration of inflation in the province was primarily due to the lower inflation in housing, water, electricity, gas and other fuels at 0.4 percent, from 5.7 percent in March 2023. Lower year-on-year growth rates were also observed in the indices of the following commodity groups in the province:

• food and non-alcoholic beverages, 5.8 percent;
• transport, -4.8 percent; and
• alcoholic beverages and tobacco, 15.4 percent.

 

The rest of the commodity groups either retained their previous month’s rate or had appreciated annual rates.

 

 

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Note:

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

 

 

 

ENGR. GIRME M. BAYUCAN

(Chief Statistical Specialist)

Officer-in-Charge

 

 

//EMDP/JCB/MLLP