SPECIAL RELEASE: Summary Inflation Report of Lucena City Consumer Price Index (2018=100) February 2023
Release-Date
Reference-Number
2023 – 050
The headline inflation in Lucena City increased to 8.2 percent in February 2023, from 6.4 percent in January 2023. This is the highest inflation posted since January 2019. The average inflation rate in Lucena City for the two months of the year stood at 7.3 percent. In February 2022, inflation rate was recorded at 2.7 percent. The acceleration in the inflation rate of Lucena City in February 2023 was primarily due to the higher annual increment recorded in the index for restaurants and accommodation services at 9.4 percent, from 3.1 percent in the previous month. This was followed by housing, water, electricity, gas and other fuels, whose index increased to 8.2 percent year-on-year, from 5.0 percent in January 2023. Also contributing to the uptrend in the overall inflation during the period were the higher annual increments in the indices of the following commodity groups as compared with their previous month’s inflation rates: Food and non-alcoholic beverages at 8.2 percent, from 7.0 percent; Alcoholic beverages and tobacco at 10.5 percent, from 10.2 percent; Clothing and footwear at 2.5 percent, from 1.9 percent; Furnishings, household equipment and routine household maintenance at 1.5 percent, from 1.3 percent; Health at 4.0 percent, from 3.6 percent; Recreation, sport and culture at 2.9 percent, from 2.1 percent; and Personal care, and miscellaneous goods and services at 4.3 percent, from 3.0 percent. ln contrast, among the 13 commodity groups, only transport recorded a decrement during the month at 23.4 percent inflation rate, from 26.9 percent in January 2023. Meanwhile, the following commodity groups retained their previous month’s inflation: Information and communication at 0.0 percent; Education services at 4.1 percent; and Financial services at 0.0 percent. Inflation for food in Lucena City increased to 8.6 percent during the month, from 7.4 percent in January 2023. In February 2022, it stood at -1.7 percent. The acceleration in food inflation was mainly brought about by higher annual growth rate in the index of fish and other seafood, which inclined annually by 14.7 percent, from 2.4 percent recorded in the previous month. Likewise, annual hikes in the indices of the following food group increased: Rice at 0.2 percent, from 0.1 percent; Flour, bread and other bakery products, pasta products, and other cereals at 4.2 percent, from 4.1 percent; Meat and other parts of slaughtered land animals at 6.6 percent, from 3.1 percent; Milk, and other dairy products and eggs at 7.6 percent, from 4.5 percent; and Ready-made food and other food products not elsewhere classified at 9.0 percent, from 7.8 percent. In contrast, the following food groups exhibited decreases in the annual growth rate: Oils and fats at -7.2 percent, from 2.8 percent; Fruits and nuts at 5.0 percent, from 6.9 percent; Vegetables, tubers, plantains, cooking bananas and pulses at 27.0 percent, from 39.2 percent; and Sugar, confectionery and desserts at 35.0 percent, from 35.3 percent. Meanwhile, corn retained its previous month’s inflation at 32.3 percent. (SGD.) AIRENE A. PUCYUTAN Provincial Statistics Officer PSA Quezon
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