Special Release: Batangas Province's Summary Inflation Report for October2022
Release-Date
Reference-Number
2022-085
The headline inflation in Batangas Province accelerated to 8.9 percent in October 2022 from 8.3 percent in September 2022. This is the highest recorded inflation since October 2019. With this month’s inflation, Batangas average inflation from January to October 2022 stood at 6.4 percent. In October 2021, inflation rate was observed at 5.8 percent. The acceleration in the province inflation rate in October 2022 was primarily due to the higher annual growth rate in the index for food and non-alcoholic beverages at 9.4 percent from 7.2 as compared from previous month, clothing and footwear at 6.4 percent from 4.2 and housing, water, electricity, gas and other fuels at 10.1 percent from 9.9 percent in September 2022. Also contributing to the uptrend in the overall inflation in October 2022 were the higher annual increases in the indices of the commodity groups; personal care and miscellaneous goods, 2.9 percent and alcoholic beverages and tobacco, 10.1 percent. On the other hand, lower annual increments were observed in the indices of the following: a. Furnishings, household equipment, and routine household maintenance, 5.2 percent b. Health, 2.5 percent c. Transport, 19.0 percent d. Information and communication, 0.6 percent e. Recreation, Sports and Culture, 2.2 percent f. Restaurants and accommodation services, 7.8 percent Meanwhile, for information communication at 0.6 percent, recreation, sport and culture at 2.2 percent, education services at 2.6 percent, restaurants and accommodation services at 7.8 percent retained its previous month’s annual rates. The financial services index retained its previous month’s annual rate at zero percent. Inflation for food in Batangas accelerated to 9.9 percent from 7.5 in September 2022. In October 2021 food inflation was lower at 5.9 percent. The acceleration in the food inflation was primarily influenced by the increase of annual growth rate in the indices of meats and other parts of slaughtered land animals at 12.0 percent from 7.6 percent as compared in the previous month, vegetables, tubers, plantains, cooking and bananas and plantains at 13.4 from 0.2 percent and fish and other seafood at 9.7 percent from 6.0 percent. Faster annual growth rates were also seen in the following food groups: a. Milk other dairy products and eggs, 11.2 percent b. Sugar , confectionery and desserts, 40.8 percent c. Corn, 15.5 percent On the contrary, lower annual growth rates were observed in the indices of cereals at 3.9 percent, rice at 3.8 percent , flour, bread and other bakery products, pasta products and other cereals at 7.9 percent , oils and fats at 38.1 percent, ready -made food and other food products at 5.1 percent. Moreover, a decline was observed in the indices of fruits and nuts at −2.1 percent from 2.6 in September 2022.
Headline inflation in Batangas increased to 8.3 percent in April 2023 from 7.8 percent in March 2023. The inflation rate in April 2022 was observed at 6.1 percent. In March 2022, this brings the…
