Special Release: Batangas Province's Summary Inflation Report for March 2023
Release-Date
Reference-Number
2023-013
Headline inflation in Batangas slowed down further to 7.8 percent in March 2023 from 9.3 percent in February 2023. In March 2022 inflation was lower to 5.3 percent. The average inflation rate for the first quarter of 2023 stood at 9.2 percent. Among the 13 commodity groups, the continued downtrend of the overall inflation in March 2023 was mainly brought about by the heavily weighted food and non-alcoholic beverages which recorded a lower inflation rate of 8.9 percent from 12.1 in the previous month. This was followed by housing, water, electricity, gas and other fuels, with an inflation rate of 9.1 percent from 10.9 percent in the previous month. The third primary driver of the downtrend of the headline inflation was transport which recorded 11.3 percent from 15.6 percent in February 2023. Other commodity groups that contributed to the downtrend in the March 2023 headline inflation were clothing and footwear and alcoholic beverages and tobacco which registered lower inflation rates at 5.2 percent and 10.5 percent, respectively, compared with their previous month’s inflation rates. In contrast, higher inflation rates were observed in the following commodity groups: a. Furnishings, Household equipment and routine household maintenance, 6.3 percent from 5.9 percent b. Health, 3.4 percent from 2.3 percent c. Information and communication, 0.7 percent from 0.4 percent d. Recreation, Sport and Culture, 4.0 percent from 3.0 percent e. Restaurants and accommodation services, 6.8 percent from 4.6percent f. Personal care, and miscellaneous goods and services, 4.6 percent from 3.5 percent In terms of contribution to the March 2023 rate, the top three commodity groups were the following: a. Food and non-alcoholic beverages with 36.2 percent share or 2.8 percentage points; b. Housing, water, electricity, gas and other fuels at 26.1 percent share or 2.0 percentage points; c. Transport with 13.5 percent share or 1.1 percentage points Food inflation at the province also continued to move downward at 8.9 percent in March 2023 from12.6 percent in February 2023. In March 2022, food inflation was lower at 3.0 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 12.4 percent from 58.3 percent in February 2023. This was followed by fish and other seafood at 8.8 percent from 16.0 percent, meats and other parts of slaughtered land animals at 3.6 percent from 3.8 and oils and fats at 7.7 percent from 10.8 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. Flour, bread and other bakery products, pasta products and other cereals, 7.9 percent from 7.3 percent b. Fruits and Nuts, 12.4 percent from 5.7 percent c. Ready-made food and other food products N.E. C., 4.9 percent from 2.9 percent. The indices for corn moved at their previous month’s annual rates of 6.2 percent . (SGD.) RAUL MAXIMO B. TOLENTINO Chief Statistical Specialist
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