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 January 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 rocketed at 8.8 percent for the month of January 2023, highest since 2018. It is higher by 2.4 percent compared to December 2022 and 6.6 percent versus to the inflation rate last January 2022 (see Table 1 and Figure 1). The acceleration in the province’s inflation rate in January 2023 was primarily due to the higher annual growth rate in the index for Housing, Water, Electricity, Gas, and Other Fuels at 10.9% inflation. Also contributing to the uptrend in the overall inflation for January 2023 were the higher annual increases in the indices of the following commodity groups: Food and Non – alcoholic Beverages, 12.8 percent Clothing and Footwear, 7.4 percent Alcoholic Beverages and Tobacco, 11.6 percent Recreation, Sports, and Culture, 8.0 percent Furnishing, Household Equipment and Routine Household Maintenance, 6.0 percent On the other hand, three (3) commodity groups showed a lower annual increment in the indices compared to last month’s inflation: Health, 1.2 percent Transport, 8.8 percent Information and Communication, -0.7 percent Personal Care, and Miscellaneous Goods and Services, 4.8 percent Meanwhile, 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, an increase of 2.1 percent was observed for the month of January 2023, with 13.4 percent inflation compared to its previous month’s record of 11.3 percent (Table 3). The annual growth rate of Vegetables, tubers, plantains, cooking bananas, and pulses went up to 52.9 percent during month of January 2023, from 36.5 percent last December 2022. In addition, food groups exhibited higher annual increments during the month are the following: Meats and Other Parts of Slaughtered Land Animals, 9.7 percent Fish and other seafood, 5.5 percent Sugar, Confectionery, and Desserts, 29.1 percent Ready-made food and other food products, n. e. c., 7.3 percent Fruits and vegetable juices, 7.8 percent Coffee and coffee substitutes, 7.0 percent Tea, mate and other plant products for infusion, -2.3 percent Water, 4.7 percent Soft drinks, 16.1 percent Other non-alcoholic beverages, 7.4 percent Meanwhile, Cereals and cereal products (7.6 percent), Oils and Fats (12.2 percent), and Fruits and nuts (5.7 percent) showed lower inflation this month compared to last month. Lastly, inflation for Milk, other dairy products and egg were stable for January 2023.
