This report presents the Headline Inflation Rate (IR) for all income households in the province of Cavite during the month of June 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 5.6 percent for the month of June 2023, lower by 0.9 percent compared to last month’s inflation rate of 6.5 percent. With this month’s inflation, the province’s average inflation from January to June 2023 stood at 7.1 percent (see Table 1 and Figure 1). The deceleration in the province’s inflation rate in June 2023 was primarily due to the lower annual growth rate in the index for food and non-alcoholic beverages at 7.0 percent, from 8.7 percent last May 2023. Also contributing to the downtrend in the overall inflation in June 2023 were the decreased in the indices of the following commodity groups: Transport, -2.1 percent Health, 1.1 percent Information and Communication, -1.3 percent Alcoholic Beverages and Tobacco, 15.7 percent Furnishing, Household Equipment and Routine Household Maintenance, 5.9 percent Personal Care, and Miscellaneous Goods and Services, 5.5 percent Recreation, Sports and Culture, 7.7 percent On the other hand, Clothing and Footwear commodity group showed higher annual increment at 8.9 percent this month compared to last month’s inflation of 8.7 percent. Meanwhile, Housing, Water, Electricity, Gas, and Other Fuels (10.2 percent), Education Services (1.2 percent), Restaurants and Accommodation Services (2.5 percent) and Financial Services (0.0 percent) was stable this month. For food inflation, it decreased by 1.7 percent in June 2023, with 7.0 percent inflation compared to its previous month’s record of 8.7 percent (see Table 3). The annual growth rate of the following food groups exhibited lower annual increments during the month: Meat and other parts of slaughtered land animals, -0.4 percent Fish and other seafoods, 10.6 percent Milk, other dairy products and eggs, 11.2 percent Oils and Fats, -2.1 percent Fruits and Nuts, 11.8 percent Vegetables, tubers, plantains, cooking bananas and pulses, 9.7 percent Fruits and vegetables juices, 5.5 percent Water, 5.1 percent Soft drinks, 15.7 percent Other non-alcoholic beverages, 8.0 percent Meanwhile, the inflation of Coffee and coffee substitutes (9.6 percent) and Tea, mate, and other plant products for infusion (5.3 percent) food group increased this month. Lastly, Inflation for Rice accelerated at 1.4 percent while Corn decelerated to 30.2 percent during June 2023 compared to 0.8 percent and 35.6 percent last May 2023 respectively.
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