Special Release: Batangas Province's Summary Inflation Report for JULY 2023
Release-Date
Reference-Number
2023-025
Summary Inflation Report Consumer Price Index (2018=100) July 2023 Headline inflation in Batangas continued to move at a slower pace of 5.8 percent in July 2023 from 7.4 percent in June 2023. The average inflation rate for seven months of 2023 stood at 8.2 percent. In July 2022, inflation rate was lower at 7.8 percent. The downtrend of the overall inflation in July 2023 was mainly brought about by housing, water, electricity, gas and other fuels, which recorded a lower inflation rate of 4.2 percent from 8.1 percent in June 2023. This was followed by transport with an inflation rate of (0.1) percent from 3.4 percent in the previous month. The third main source of deceleration of the headline inflation is the food and non-alcoholic beverages with inflation rate of 6.7 percent from 7.5 percent in June 2023. Compared with their previous month’s inflation rates, slower annual increments were noted in the indices of the following commodity groups during the month: a. Restaurants and Accommodation Services, 14.1 percent from 15.5percent b. Furnishings, household equipment and routine household maintenance, 6.0 percent from 7.8 percent c. Health, 3.3 percent from 4.0 percent d. Personal Care and Miscellaneous Goods and Services, 3.7 percent from 3.9 percent e. Recreation, sport and culture, 4.5 percent from 5.0 percent f. Alcoholic Beverages and Tobacco, 6.2 percent from 6.3 percent In the contrary, the index of clothing and footwear at 6.6 percent from 6.2 percent exhibited faster year-on-year growth during the month. Meanwhile, the indices of information and communication, education services and financial services retained their corresponding previous month’s annual increments at 0.8 percent and 2.6 and 0.0 percent, respectively. Food inflation at the province also continued to move downward at 6.6 percent in July 2023 from 7.6 percent in June 2023. In July 2022, food inflation was higher at 9.0 percent. The primary driver of slower food inflation was the equal annual growth in the index of cereals and cereals product at 8.1 percent as in the previous month. This was followed by fish and other seafood at 11.4 percent from 14.0 percent in June 2023, milk, other dairy products and eggs at 15.8 percent from 16.3 percent, and sugar, confectionery and desserts at 20.4 percent from 32.9 percent ranked third and fourth during the month. Meat and other parts of slaughtered land animals at 2.6 percent from 3.6 percent, ready made food and other food products at 4.9 percent from 5.8 percent, fruits and nuts at (4.7) percent from (0.4) percent and oils and fats at (15.7) from (14.5) percent ranked fifth, sixth, eighth and ninth, respectively. Meanwhile, compared with their previous months inflation rates, higher year -on-year growth rate was observed in the index of vegetables, tubers, plantains, cooking bananas and pulses at 2.0 percent from (1.5) percent which ranked seventh.
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