Special Release: Batangas Province's Summary Inflation Report for JUNE 2023
Release-Date
Reference-Number
2023-022
Summary Inflation Report Consumer Price Index (2018=100) June 2023 Headline inflation in Batangas continued to move at a slower pace of 7.4 percent in June 2023 from 8.2 percent in May 2023. The average inflation rate for the first semester of 2023 stood at 8.6 percent. In June 2022, inflation rate was lower at 6.8 percent. The downtrend of the overall inflation in May 2023 was mainly broughtabout by housing, water, electricity, gas and other fuels, which recorded a lower inflation rate of 8.1 percent from 9.4 percent in May 2023. This was followed by transport with an inflation rate of 3.4 percent from 6.2 percent in the previous month. The third main source of deceleration of the headline inflation is the food and non alcoholic beverages with an inflation rate of 7.5 percent from 7.8 percent in May 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. Personal Care and Miscellaneous Goods and Services, 3.9 percentfrom 4.1 percent b. Alcoholic Beverages and Tobacco, 6.3 percent from 6.8 percent c. Health, 4.0 percent from 4.2 percent On the contrary, the indices of clothing and footwear at 6.2 percent from 5.9 percen, furnishings, household equipment and routine household maintenance at 7.8 percent from 7.4 and recreation, sport and culture at 5.0 percent from 4.6 percent exhibited faster year-on-year growth during the month. Meanwhile, the indices of information and communication, education services, restaurants and accommodation services and financial services retained their corresponding previous month’s annual increments at 0.8 percent, 2.6 percent, 15.5 percent and 0.0 percent, respectively. Food inflation at the province also continued to move downward at 7.6 percent in June 2023 from 7.9 percent in May 2023. In June 2022, food inflation was higher at 8.4 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 (1.5) percent from 3.9 percent in May 2023. This was followed by meat and other parts of slaughtered land animals at 3.6 percent from 4.8 percent, fruits and nuts at (0.4) percent from 6.7 percent ranked third during the month. Oils and fats with a (14.5) percent from (10.1) percent, sugar, confectionery and desserts at 32.9 percent from 34.6 percent, flour, bread and other bakery products, pasta products and other cereals at 7.5 percent from 7.9 percent, and milk, other dairy products and eggs at 16.3 percent from 16.5 percent, corn at 29.0 from 32.2 percent and ready-made food and other food products ranked fourth, fifth and sixth, seventh, eighth and ninth respectively. 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, 8.3 percent from 8.0 percent b. Rice, 8.1 percent from 7.8 percent c. Fish and other seafood, 14.0 percent from 8.2 percent 2.1 percentage points. Of the food groups, the highest contributors to food inflation were the following; a. Vegetables, tubers, plantains, cooking bananas and pulses with 35.3 percentshare b. Meat and other parts of slaughtered land animals with 24.6 percent share c. Fruits and nuts with 23.8 percent share
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