SPECIAL RELEASE Summary Inflation Report of Lucena City Consumer Price Index (2018=100), October 2022
Release-Date
Reference-Number
SR STAT 2022 – 041
The headline inflation in Lucena City accelerated further to 7.3 percent in October 2022, from 5.8 percent in September 2022. This is the highest inflation observed since January 2019. With this month’s inflation, the average inflation of Lucena City from January to October 2022 stood at 4.6 percent. In October 2021, inflation rate was posted at 3.9 percent. The continued acceleration in Lucena City’s inflation rate in October 2022 was primarily due to the higher annual increment recorded in the index for food and non-alcoholic beverages at 5.1 percent, from 2.2 percent in the previous month. This was followed by transport whose index increased by 29.8 percent year-on-year, from 25.6 percent in September 2022. 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: Alcoholic beverages and tobacco at 8.0 percent from 7.4 percent; Clothing and footwear at 2.2 percent from 2.1 percent; Housing, water, electricity, gas and other fuels at 11.3 percent from 10.9 percent; Furnishings, household equipment and routine household maintenance at 1.3 percent, from 1.0 percent; and Personal care, and miscellaneous goods and services at 3.5 percent from 3.0 percent. On the contrary, lower annual increment were noted in the index for health at 6.1 percent from 6.2 percent in September 2022. Meanwhile, the following commodity groups retained their previous month’s inflation: Information and communication at 0.0 percent; Recreation, sport and culture at 2.9 percent; Education services at 4.1 percent; Restaurants and accommodation services at 3.1 percent; and Financial services at 0.0 percent. Inflation for food in Lucena City increased at 5.4 percent during the month, from 2.2 percent in September 2022. In October 2021, it was lower at 5.6 percent. The acceleration in food inflation was mainly brought about by higher annual growth rate in the index of vegetables, tubers, plantains, cooking bananas and pulses, which inclined annually by 6.2 percent, from negative annual growth rate of 12.8 percent recorded in the previous month. Likewise, annual hikes were faster in the indices of the following food groups: Meat and other parts of slaughtered land animals at 7.9 percent, from 4.1 percent; Fish and other seafood at 8.2 percent, from 5.0 percent; Oils and fats at 24.3 percent, from 15.3 percent; Sugar, confectionery and desserts at 22.7 percent from 21.4 percent; and Ready-made food and other food products N.E.C. at 6.5 percent from 5.4 percent. Moreover, negative inflation in the index of milk, other dairy products and eggs was noted during the month with 0.3 percent. On the contrary, the following food groups exhibited slower annual growth rate: Corn at 5.7 percent from 7.7 percent; Flour, bread and other bakery products, pasta products, and other cereals at 3.3 percent, from 3.5 percent; and Fruits and nuts at 0.9 percent from 4.6 percent. Meanwhile, rice index retained its previous month’s inflation of 0.0 percent.
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