This report presents the Inflation Rate (IR), Consumer Price Index (CPI), and Purchasing Power of Peso (PPP) for all income households in the province of Cavite during the month of December 2022. Inflation Rate (IR) is the annual rate of change or the year-on-year change of the CPI expressed in percent. Inflation is interpreted in terms of the declining purchasing power of money. Headline inflation in the Province of Cavite rocketed at 6.4 percent for the month of December 2022, higher by 0.2 percent compared to last month’s inflation rate of 6.2 percent. With this month’s inflation, the province’s average inflation from January to December 2022 stood at 4.4 percent (see Table 1 and Figure 1). The acceleration in the province’s inflation rate in December 2022 was primarily due to the higher annual growth rate in the index for food and non-alcoholic beverages at 10.8 percent, from 10.4 percent last November 2022. Also contributing to the uptrend in the overall inflation in December 2022 were the higher annual increases in the indices of the following commodity groups: Housing, Water, Electricity, Gas, and Other Fuels, 4.0 percent Clothing and Footwear, 4.8 percent Furnishing, Household Equipment and Routine Household Maintenance, 5.8 percent Personal Care, and Miscellaneous Goods and Services, 4.9 percent Recreation, Sports, and Culture, 5.8 percent On the other hand, three (3) commodity groups showed a lower annual increment in the indices compared to last month’s inflation: Alcoholic Beverages and Tobacco, 9.0 percent Health, 1.7 percent Restaurant and Accommodation Services, 1.3 percent Meanwhile, Transport (8.9 percent), Information and Communication (-0.5 percent), Education Services (1.2 percent), and Financial Services (0.0 percent) were stable this month. For food inflation, an increase of 0.4 percent was observed for the month of December 2022, with 10.8 percent inflation compared to its previous month’s record of 10.4 percent (see Table 3). The annual growth rate of Vegetables, tubers, plantains, cooking bananas, and pulses went up to 36.5 percent during December 2022, from 31.0 percent last November. In addition, food groups exhibited higher annual increments during the month are the following: Cereals and cereals products, 8.1 percent Meats and Other Parts of Slaughtered Land Animals, 7.9 percent Fruits and Nuts, 7.5 percent Sugar, Confectionery, and Desserts, 28.9 percent Meanwhile, Fish and other seafood (5.1 percent), Milk, other dairy products, and eggs (13.0 percent), Oils and Fats (12.2 percent), and Ready-made food and other food products, n. e. c. (7.1 percent) showed lower inflation this month compared to last month. Lastly, Inflation for Rice and Corn accelerated to 5.1 percent and 27.8 percent during December 2022 compared to 4.8 percent and 18.9 percent last November respectively.
