Special Release: Batangas Province's Summary Inflation Report for January 2023
Release-Date
Reference-Number
2022-004
Headline inflation in Batangas continued its uptrend as it accelerated further to 10.4 percent in January 2023 from 9.0 percent in December 2022. The January 2023 inflation is the highest annual rate recorded since January 2018. In January 2022, inflation rate was observed at 2.7 percent. The main driver in the uptrend of inflation in January 2023 was the higher year-on-year increase in the index of food and non-alcoholic beverages at 12.0 percent from 9.0 percent in December 2022. This was followed by housing, water, electricity, gas and other fuels at 14.1 percent from 11.7 percent in December 2022. Also contributed to the increase in inflation was personal care and miscellaneous goods and services at 3.5 percent from 2.9 percent in December 2022. Relative to their annual rates in the previous month, higher annual increases were also observed in the indices of the following commodity groups: a. Furnishing, household equipment and routine household maintenance, 5.7 percent b. Alcoholic Beverages and Tobacco, 11.6 percent c. Information and communication, 0.4 percent d. Recreation, Sport and Culture, 3.1 percent e. Clothing and Footwear, 6.4 percent On the contrary, lower annual increase was observed in the indices of health at 1.9 percent, transport at 17.7 percent and restaurants and accommodation services at 6.9 percent. Meanwhile, the indices of education services and financial services remained at their previous month’s annual rates of 2.6 percent and 0 percent, respectively. Food inflation at the province climbed to 12.5 percent in January 2023 from 9.5 percent in December 2022. In January 2022, food inflation stood at (0.4) percent. The higher food inflation was mainly brought by the increased year-on-year growth in the index of vegetables, tubers, plantains, cooking bananas and pulses at 54.7 percent in January 2023 from 33.9 percent in December 2022. Moreover, higher annual mark-ups were observed in the indices of the following food groups during the month. a. Cereals, 4.3 percent b. Rice, 4.2 percent c. Flour, bread and other bakery products, pasta products and other cereals, 8.7 percent d. Fish and other seafood 14.4 percent e. Milk, other dairy products and eggs, 12.8 percent f. Fruits and Nuts, 5.5 percent Meanwhile, lower annual growth rates was observed in the indices of the following groups in January 2023. a. Corn, 11.2 percent b. Meats and other parts of slaughtered land animals, 3.9 percent c. Oils and Fats, 11.4 percent d. Sugar, confectionery and desserts 42.5 percent e. Ready-made food and other food products N.E.C., 3.3 percent
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