This report presents the Inflation Rate (IR), Consumer Price Index (CPI), and Purchasing Power of Peso (PPP) for all income households in the province of Cavite during the month of February 2023. Inflation Rate (IR) is the annual rate of change or the year-on-year change of the CPI expressed in percent. Inflation is interpreted in terms of the declining purchasing power of money. Headline inflation in the Province of Cavite dropped at 8.4 percent for the month of February 2023. It is lower by 0.4 percent compared to January 2023 but higher by 6.7 percent versus to the inflation rate last February 2022 (see Table 1 and Figure 1). The deceleration in the province’s inflation rate in February 2023 was primarily due to the slower annual growth rate in the index for Transport commodity group at 05.8% inflation. Also contributing to the downtrend in the overall inflation for month of February 2023 were the lower annual increment in the indices of the following commodity groups: Food and Non – alcoholic Beverages, 12.4 percent Recreation, Sports, and Culture, 7.9 percent On the other hand, six (6) commodity groups showed a higher annual increment in the indices compared to last month’s inflation: Alcoholic Beverages and Tobacco, 11.7 percent Clothing and Footwear, 8.0 percent Housing, Water, Electricity, Gas, and Other Fuels, 11.6 Furnishing, Household Equipment and Routine Household Maintenance, 6.4 percent Health, 2.2 percent Personal Care, and Miscellaneous Goods and Services, 5.1 percent Meanwhile, Information and Communication (-0.7), Education Services (1.2 percent), Restaurant and Accommodation Services (1.3 percent) and Financial Services (0.0 percent) were stable this month. For food inflation, a decrease of 0.5 percent was observed for the month of February 2023, with 12.9 percent inflation compared to its previous month’s record of 13.4 percent (Table 3). The annual growth rate of Vegetables, tubers, plantains, cooking bananas, and pulses went down to 39.6 percent during month of February 2023, from 52.9 percent last January 2023. In addition, food groups exhibited lower annual increments during the month are the following: Cereals and cereals products, 6.8 percent Ready-made food and other food products, n. e. c., 6.5 percent Sugar, Confectionery, and Desserts, 28.6 percent Meanwhile, the following food groups showed higher annual increment for the month: Meats and Other Parts of Slaughtered Land Animals, 10.3 percent Fish and other seafood, 11.4 percent Milk, other dairy products and eggs, 16.0 percent Oils and Fats, 10.6 percent Fruits and nuts, 6.2 percent
Of the estimated 12.07 million population 15 years old and over in CALABARZON, about 64.8 percent or 7.82 million are considered persons in the labor force (See summary statistics). It means that…
