SPECIAL RELEASE Summary Inflation Report of Quezon Consumer Price Index (2018=100), October 2022
Release-Date
Reference-Number
SR STAT 2022 – 040
The headline inflation in Quezon province continued its uptrend as it moved up further to 8.3 percent in October 2022, from 6.6 percent in September 2022. This is the highest inflation posted since January 2019. With this month’s inflation, the average inflation of Quezon province from January to October 2022 stood at 4.9 percent. In October 2021, inflation rate was recorded at 3.9 percent. The continued uptrend of the October 2022 inflation was primarily due to the higher annual increment noted in the index for food and non-alcoholic beverages at 5.8 percent, from 2.9 percent in September 2022. This was followed by housing, water, electricity, gas and other fuels whose index inclined by 14.7 percent year-on-year, from 12.5 percent in the previous month. 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 8.6 percent from 7.4 percent; Furnishings, household equipment and routine household maintenance at 3.0 percent from 2.8 percent; Health at 5.6 percent from 5.3 percent; Transport at 31.6 percent from 30.9 percent; and Personal care, and miscellaneous goods and services at 3.1 percent from 2.6 percent. Meanwhile, the following commodity groups retained their previous month’s inflation: Clothing and footwear at 2.4 percent; Information and communication at 0.0 percent; Recreation, sport and culture at 2.2 percent; Restaurants and accommodation services at 2.5 percent; and Financial services at 0.0 percent. Inflation for food in the province increased further to 6.0 percent during the month, from 2.9 percent in September 2022. In October 2021, it was lower at 4.4 percent. The acceleration in food inflation was mainly brought about by vegetables, tubers, plantains, cooking bananas and pulses, which inclined annually by 10.5 percent, from negative annual growth rate of 7.2 percent recorded in the previous month. Likewise, annual hikes were faster in the indices of the following food items: Flour, bread and other bakery products, pasta products, and other cereals at 6.2 percent, from 5.7 percent; Meat and other parts of slaughtered land animals at 5.9 percent, from 2.9 percent; Fish and other seafood at 9.4 percent, from 5.6 percent; Oils and fats at 9.8 percent, from 9.3 percent; Fruits and nuts at 3.1 percent, from 2.9 percent; Sugar, confectionery and desserts at 37.8 percent, from 35.1 percent; and Ready-made food and other food products N.E.C. at 8.9 percent from 8.5 percent. Moreover, negative inflation in the index of milk, other dairy products and eggs was noted during the month with 2.3 percent. On the contrary, corn index exhibited slower annual growth rate at 3.5 percent during the month, from 9.9 percent while rice index retained its previous month’s inflation at 0.2 percent.
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