Special Release: Batangas Province's Summary Inflation Report for MAY 2023
Release-Date
Reference-Number
2023-019
Summary Inflation Report Consumer Price Index (2018=100) May 2023 Headline inflation in Batangas decelerated to 8.2 percent in May 2023 from 8.3 percent in April 2023. The inflation rate in May 2022 was observed at 6.3 percent. In May 2022, this brings the average inflation rate from January to May 2023 to 8.8 Among the 13 commodity groups, the downtrend of the overall inflation in May 2023 was mainly brought about by transport which recorded a lower inflation rate of 6.2 percent from 8.9 percent in the previous month. This was followed by food and non-alcoholic beverages with an inflation rate of 7.8 percent from 8.4 percent in the previous month. The third is the housing, water, electricity, gas and other fuels, which recorded 9.4 percent from 10.0 percent in April 2023. In addition, lower inflation rates were noted for alcoholic, beverages and tobacco at 6.8 percent in May 2023 from 9.9 percent, clothing and footwear at 5.9 percent from 6.0 percent in the previous month. On the contrary, higher inflation rates were observed in the following commodity groups during the month. a. Furnishings, Household equipment and routine household maintenance, 7.4 percent from 6.8 percent b. Health, 4.2 percent from 4.1 percent c. Recreation, Sport and Culture, 4.6 percent from 4.4 percent d. Restaurants and Accommodation Services, 15.5 percent from 12.1 percent The indices of information and communication, education services, financial services and personal care and miscellaneous goods and services retained their corresponding previous month’s annual increments at 0.8 percent, 2.6 percent, 0.0 percent and 4.1 percent, respectively. Food inflation at the province also continued to move downward at 7.9 percent in May 2023 from 8.5 percent in April 2023. In May 2022, food inflation was lower at 7.3 percent As in the previous month, the primary driver of slower food inflation was the lower annual growth in the index of fish and other seafood at 8.2 percent from 10.6 percent in April 2023. This was followed by meat and other parts of slaughtered land animals at 4.8 percent from 5.3 percent, sugar, confectionery and desserts ranked third recording a 34.6 percent during the month from 37.1 percent in the previous month. Oils and fats with a (10.1) percent from (4.5) percent, milk, other dairy products and eggs at 16.5 percent from 17.4 percent and fruits and nuts at 6.7 percent from 7.6 percent ranked fourth, fifth and sixth, 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, 8.0 percent from 7.4 percent b. Rice, 7.8 percent from 7.4 percent c. Corn, 32.2 percent from 11.4 percent d. Vegetables, tubers, plantains, cooking bananas and pulses, 3.9 percent from 2.8 percent e. Ready -made food and other food products n.e.c, 5.9 percent from 5.4 percent In terms of contribution to the May 2023 headline inflation food shared 27.8 percent or 2.3 percentage points. Of the food groups, the top contributor to food inflation was Cereals and cereal products at 9.3 percent or 0.8 percentage points.
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