SPECIAL RELEASE Summary Inflation Report of Quezon Province Consumer Price Index (2018=100), August 2022
Release-Date
Reference-Number
SR STAT 2022 – 029
The headline inflation in Quezon province eased to 5.5 percent in August 2022, after seven consecutive months of acceleration. With this month’s inflation, the average inflation of Quezon province from January to August 2022 stood at 4.3 percent. In August 2021, inflation rate was posted at 6.3 percent. The slowdown in inflation in the province in August 2022 was primarily due to the lower annual increment recorded in the index for housing, water, electricity, gas and other fuels at 8.9 percent, from 11.8 percent in the previous month. This was followed by food and non-alcoholic beverages whose index declined by 2.4 percent year-on-year, from 3.4 percent in July 2022. 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: Alcoholic beverages and tobacco at 5.7 percent from 5.9 percent; Health at 5.6 percent from 6.4 percent; and Transport at 27.7 percent from 28.8 percent. In contrast, inflation rates increased for the following commodity groups during the month: Furnishings, household equipment and routine household maintenance at 2.7 percent from 2.5 percent; Recreation, sport and culture at 1.8 percent from 1.5 percent; Education services at 8.8 percent 5.7 percent; Restaurants and accommodation services at 1.9 percent from 1.4 percent; and Personal care, and miscellaneous goods and services at 2.5 percent from 2.2 percent. Inflation for food in the province slid to 2.4 percent during the month, from 3.6 percent in July 2022. In August 2021, it was higher at 9.9 percent. The deceleration in food inflation was mainly brought about by vegetables, tubers, plantains, cooking bananas and pulses, which declined annually by 11.9 percent. Likewise, annual hikes slowed down in the indices of rice at 0.6 percent; corn at 15.3 percent; fish and other seafood at 3.9 percent; and oils and fats at 10.9 percent. On the contrary, the following food groups exhibited faster annual growth during the month: Flour, bread and other bakery products, pasta products, and other cereals, 5.3 percent; Meat and other parts of slaughtered land animals, 4.3 percent; Sugar, confectionery and desserts, 35.4 percent; and Ready-made food and other food products N.E.C., 8.4 percent. Likewise, fruits and nuts index went up to 0.2 percent during the month, from -2.1 percent in the previous month. Meanwhile, the index for milk, other dairy products and eggs remained an annual decline at -4.4 percent.
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