This report presents the Headline Inflation Rate (IR) for all income households in the province of Cavite during the month of July 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 declining purchasing power of money. Headline inflation in the Province of Cavite deflated at 5.2 percent for the month of July 2023, lower by 0.2 percent compared to last month’s inflation rate of 5.6 percent. With this month’s inflation, the province’s average inflation from January to July 2023 stood at 6.9 percent (see Table 1 and Figure 1). The deceleration in the province’s inflation rate in July 2023 was primarily due to the lower annual growth rate in the index for Housing, Water Electricity, Gas and Other Fuels Commodity group with 8.5% inflation compared to 10.2% inflation last month. Also contributing to the downtrend in the overall inflation in July 2023 were the decreased in the indices of the following commodity groups: Transport, -4.0 percent Clothing and Footwear, 7.8 percent Furnishing, Household Equipment and Routine Household Maintenance, 4.9 percent Alcoholic Beverages and Tobacco, 15.0 percent Recreation, Sports and Culture, 7.5 percent On the other hand, Food and Non-alcoholic Beverages commodity group showed higher annual increment at 7.4 percent this month compared to last month’s inflation of 7.0 percent. Other commodity group that showed higher annual increment includes the following: Health, 1.4 percent Information and Communication, -0.7 percent Restaurant and Accommodation Services, 3.1 percent Personal Care, and Miscellaneous Goods and Services, 5.6 percent Meanwhile, Education Services (1.2 percent), Financial Services (0.0 percent) was stable this month. For food inflation, it increased by 0.5 percent in July 2023, with 7.3 percent inflation compared to its previous month’s record of 6.8 percent (see Table 3). The annual growth rate of the following food groups exhibited higher annual increments during the month: Vegetables, tubers, plantains, cooking bananas and pulses, 31.8 percent Fruits and vegetables juices, 9.0 percent Coffee and coffee substitutes, 9.7 percent Tea, mate, and other plant products for infusion, 6.2 percent Water, 5.7 percent Meanwhile, the inflation of the following food group decreased this month: Meat and other parts of slaughtered land animals, -2.9 percent Fish and other seafoods, 8.9 percent Milk, other dairy products and eggs, 10.0 percent Oils and Fats, -3.9 percent Fruits and Nuts, 7.4 percent Sugar, confectionery and desserts, 24.9 percent Ready-made food and other food products n.e.c., 7.3 percent Soft drinks, 14.2 percent Food groups Cereals and cereal products (6.1 percent) and Other non-alcoholic beverages (8.0) were stable during July 2023. Lastly, Inflation for Rice accelerated at 1.7 percent while Corn decelerated to 25.6 percent during July 2023 compared to 1.4 percent and 30.2 percent last June 2023 respectively.
