SPECIAL RELEASE: Summary Inflation Report of Quezon Province Consumer Price Index (2018=100) December 2022
Release-Date
Reference-Number
2023 – 005
The headline inflation in Quezon province continued its downtrend as it moved down further to 7.4 percent in December 2022, from 7.9 percent in November 2022. In December 2021, inflation rate was recorded at 1.6 percent. The continued downtrend of the December 2022 inflation was primarily due to the lower annual increment noted in the index for housing, water, electricity, gas and other fuels at 11.1 percent, from 12.6 percent in November 2022. This was followed by food and non-alcoholic beverages whose index declined by 5.6 percent year-on-year, from 5.9 percent in the previous month. Also contributing to the downtrend in the overall inflation during the period were the lower annual increments in the indices of the following commodity groups as compared with their previous month’s inflation rates: Clothing and footwear at 1.4 percent, from 2.1 percent; Recreation, sport and culture at 1.8 percent, from 2.0 percent; and Personal care, and miscellaneous goods and services at 2.8 percent, from 2.9 percent. ln contrast, inflation rates for furnishings, household equipment and routine household maintenance; health; and transport accelerated at 3.1 percent, 5.8 percent and 30.5 percent, respectively. Meanwhile, the following commodity groups retained their previous month’s inflation: Alcoholic beverages and tobacco at 8.6 percent; Information and communication at 0.0 percent; Education services at 3.0 percent; Restaurants and accommodation services at 2.5 percent; and Financial services at 0.0 percent. Inflation for food in the province decreased to 5.9 percent during the month, from 6.2 percent in November 2022. In December 2021, it was lower at -1.2 percent. The deceleration in food inflation was mainly brought about by higher annual growth rate in the index of meat and other parts of slaughtered land animals, which inclined annually by 1.0 percent, from annual growth rate of 4.8 percent recorded in the previous month. Likewise, annual hikes slowed down in the indices of the following food items: Rice at 0.0 percent, from 0.2 percent; Flour, bread and other bakery products, pasta products, and other cereals at 6.2 percent, from 6.4 percent; Oils and fats at 12.4 percent, from 13.9 percent; and Ready-made food and other food products N.E.C. at 8.6 percent, from 8.8 percent. Moreover, negative inflation in the index of fish and other seafood was noted during the month with -1.1 percent. On the contrary, the following food groups exhibited increases in the annual growth rate: Milk, and other dairy products and eggs at 0.3 percent, from -0.6 percent; Fruit and nuts at 6.1 percent, from 3.0 percent; Vegetables, tubers, plantains, cooking bananas and pulses at 31.5 percent, from 25.3 percent; and Sugar, confectionery and desserts at 53.9 percent, from 35.8 percent. Meanwhile, corn retained its previous month’s inflation of 22.1 percent. The average inflation rate in the province for 2022 stood at 5.4 percent, higher than the 2021 average inflation rate of 4.5 percent. Compared with their respective average inflation rates in 2021, the indices of the following commodity groups recorded higher annual mark-ups in 2022: Housing, water, electricity, gas and other fuels at 10.8 percent, from 4.0 percent; Health at 6.0 percent, from 4.1 percent; Transport at 23.0 percent, from 5.1 percent; Recreation, sport and culture at 1.8 percent, from -4.0 percent; Education services at 5.0 percent, from 1.9 percent; and Restaurants and accommodation services at 1.9 percent, from 1.4 percent. In contrast, average inflation during the year was lower in the indices of the following commodity groups compared to that of the previous year: Food and non-alcoholic beverages at 2.2 percent, from 6.2 percent; Alcoholic beverages and tobacco at 5.9 percent, from 12.2 percent; Clothing and footwear at 2.2 percent, from 2.3 percent; Information and communication at 0.0 percent, from 0.2 percent; Financial services at 8.5 percent, from 34.1 percent; and Personal care, and miscellaneous goods and services at 2.1 percent, from 2.3 percent. Furnishings, household equipment and routine household maintenance retained its 2021 average inflation of 3.3 percent. AIRENE A. PUCYUTAN Provincial Statistics Officer PSA Quezon
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