Special Release: Batangas Province's Summary Inflation Report for April 2023
Release-Date
Reference-Number
2023-016
Headline inflation in Batangas increased to 8.3 percent in April 2023 from 7.8 percent in March 2023. The inflation rate in April 2022 was observed at 6.1 percent. In March 2022, this brings the average inflation rate from January to April 2023 to 9.0. Among the 13 commodity groups, the uptrend of the overall inflation in April 2023 was mainly brought about by the heavily-weighted restaurants and accommodation services which recorded a higher inflation rate of 12.1 percent from 6.8 in the previous month. This was followed by housing, water, electricity, gas and other fuels, with an inflation rate of 10.0 percent from 9.1 percent in the previous month. The third primary driver of the uptrend of the headline inflation was clothing and footwear which recorded 6.0 percent from 5.2 percent in March 2023. In addition, lower inflation rates were noted for food and non - alcoholic beverages at 8.4 percent in April 2023 from 8.9 percent, alcoholic beverages and tobacco at 9.9 percent from 10.5 percent, transport at 8.9 percent from 11.3 percent, and personal care and miscellaneous and services at 4.1 percent from 4.6 percent in the previous month. On the contrary, higher inflation rates were observed in the following commodity groups during the month. a. Health, 4.1 percent from 3.4 percent b. Furnishings, Household equipment and routine household maintenance, 6.8 percent from 6.3 percent c. Recreation, Sport and Culture, 4.4 percent from 4.0 percent d. Information and communication, 0.8 percent from 0.7 percent The indices of education and financial services retained their corresponding previous month’s annual increments at 2.6 percent and zero percent, respectively. Food inflation at the province also continued to move downward at 8.5 percent in April 2023 from 8.9 percent in March 2023. In April 2022, food inflation was lower at 5.1 percent. As in the previous month, the primary driver of slower food inflation was the lower annual growth in the index of vegetables, tubers, plantains, cooking bananas and pulses at 2.8 percent from 12.4 percent in March 2023. This was followed by fruits and nuts at 7.6 percent from 12.4 percent, sugar, confectionery and desserts ranked third recording a 37.1 percent during the month from 42.4 percent in the previous month. Oils and fats ranked fourth with a (4.5) percent from 7.7 percent. Meanwhile, compared with their previous months inflation rates, higher year-on-year growth rates were observed in the indices of the following good groups during the month: a. Cereals, 7.4 percent from 7.1 percent b. Corn, 11.4 percent from 6.2 percent c. Flour, bread and other bakery products, pasta products and other cereals, 8.0 percent from 7.9 percent d. Meats and other parts of slaughtered land animals, 5.3 percent from 3.6 percent e. Fish and other seafood, 10.6 percent from 8.8 percent f. Milk, other dairy products and eggs, 17.4 percent from 16.1 percent g. Ready-made food and other food products not elsewhere classified., 5.4 percent from 4.9 percent. The indices for cereals and rice had an annual growth rate of 7.4 percent during the month. In terms of contribution to the April 2023 headline inflation food shared 29.5 percent or 2.4 percentage points. Of the food groups, the top contributors to food inflation were the following: a. Rice with 22.0 percent share or 1.9 percentage points; b. Fish and other seafood with 17.7 percent share or 1.5 percentage points c. Milk, other dairy products and eggs with 17.2 percent share or 1.5 percentage points
Headline inflation in Batangas increased to 8.3 percent in April 2023 from 7.8 percent in March 2023. The inflation rate in April 2022 was observed at 6.1 percent. In March 2022, this brings the…
