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 May 2022. 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. The headline inflation in the Province of Cavite for the month of May 2022 was measured at 3.9 percent, higher that its previous month record of 3.6 percent. In contrast, it declined by 1.2 percent than the recorded inflation in May last year which is 5.1 percent. Relative to the inflation in April 2022, six (6) commodity groups in the province exhibited higher inflation rates for the month of May 2022, four (4) commodity groups registered lower inflation rates while three (3) commodity groups sustained their inflation rate. The increase in the province’s inflation was mainly brought about by the higher annual increase in the index for Food and Non – alcoholic Beverages at 2.6 percent. Also, contributing to the uptrend in the overall inflation during the period were the higher annual increments in the indices of the following commodity groups as compared with their previous month’s inflation rates: Alcoholic Beverages and Tobacco, 7.4 percent Furnishing, Household Equipment and Routine Household Maintenance, 1.8 percent Health, 3.7 percent Transport, 10.7 percent Personal Care, and Miscellaneous Goods and Services, 2.4 percent Meanwhile, four (4) commodity groups recorded lower annual inflation rates compared to last month’s inflation includes: Clothing and Footwear, 1.4 percent Housing, Water, Electricity, Gas and Other Fuels, 5.3 percent Recreation, Sport and Culture, 0.1 percent Restaurants and Accommodation Services, 1.5 percent Information and Communication with 0.9 percent and Education Services and Financial Services both at 0.0 percent sustained their inflation rates. Consumer Price Index (CPI) is an indicator of the change in the average retail prices of a fixed basket of goods and services commonly purchased by households relative to a base year. The CPI in the Province of Cavite for the month of May 2022 was measured at 114.2 index point, higher by 0.1 index point compared to April 2021 CPI recorded of 114.1 index point. This means that for a typical Caviteño household needed an additional of Php14.20 to afford same goods and services purchased or availed in May 2018 at PhP100.00. CPI for all commodity groups for the month of May 2022 compared to April 2022 and May 2021 was shown in Table 2. Purchasing Power of Peso (PPP) shows how much the peso in the base period is worth in the current period. It gives an indication of the real value of the peso in a given period relative to the peso value in the base period. Purchasing Power of Peso is inversely related to inflation rate. Thus, as inflation rate increases, PPP decrease. The province purchasing power of the peso (PPP) or real value of the peso for the month of May 2022 was 0.88 centavos. This means that the value of Php1.00 in 2018 only worth Php0.88 centavos. The highest purchasing power of peso for the period of May 2021 to May 2022 was 0.91 centavos, observed on May, June and July 2021 while the lowest was recorded in January, March, April and May 2022 at 0.88 centavos.
All provinces and Highly Urbanized City (HUC) in CALABARZON posted economic growths in 2023 from their levels in 2022 with City of Lucena recording the fastest growth of 8.9 percent. The City of…
