Special Release: Batangas Province's Summary Inflation Report for February 2023
Release-Date
Reference-Number
2023-007
Headline inflation in Batangas slowed down to 9.3 percent in February 2023 from 10.4 percent in January 2023. In February 2022 inflation was lower to 3.8 percent. The average inflation rate for the first two months of the year stood at 9.9 percent. Among the 13 commodity groups, housing, water, electricity, gas and other fuels, restaurants and accommodation services and transport were the main driver of the downtrend of the overall inflation during the month, recording a 10.9 percent, 4.6 percent and 15.6 percent, respectively. Relative to their annual rates in the previous month, lower annual increases were also observed in the indices of the following commodity groups: a. Alcoholic Beverages and Tobacco, 11.4 percent b. Clothing and Footwear, 6.3 percent c. Recreation, Sport and Culture, 3.0 percent On the contrary, higher annual increase was observed in the indices of food and non-alcoholic beverages at 12.1 percent, furnishings, household equipment and routine household maintenance at 5.9 percent, and health at 2.3 percent. Meanwhile, the indices of information and communication at 0.4 percent, education services at 2.6 percent and personal care, and miscellaneous goods and services at 3.5 percent and financial services remained at their previous month’s annual rates. A slow increase in food inflation in the province at 12.6 percent in February 2023 from 12.5 percent in January 2023. In February 2022, the food inflation rate was at 0.0 percent. The higher in the food inflation was mainly brought by the increased year-onyear growth in the indeces of vegetables, tubers, plantains, cooking bananas and pulses at 58.3 percent in February 2023 from 54.7 percent in January 2023. In addition, the fish and other seafood increased at 16.0 percent during the month from 14.4 percent in January 2023 and rice index at 4.9 percent from 4.2 percent in the previous month. Moreover, a slow increase in the annual markups were observed in the indices of the following food groups during the month. a. Milk, other dairy products and eggs, 13.3 percent b. Fruits and Nuts, 5.7 percent c. Cereals, 4.9 percent On the contrary, lower annual growth rates was observed in the indices of the following groups during the period: a. Corn, 6.2 percent b. Flour, bread and other bakery products, pasta products and other cereals, 7.3 percent c. Meats and other parts of slaughtered land animals, 3.8 percent d. Oils and Fats, 10.8 percent e. Sugar, confectionery and desserts 41.2 percent f. Ready-made food and other food products N.E.C., 2.9 percent
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