SPECIAL RELEASE: Summary Inflation Report of Quezon Province Consumer Price Index (2018=100) February 2023
Release-Date
Reference-Number
2023 – 049
The headline inflation in Quezon province continued its uptrend as it moved up further to 8.5 percent in February 2023, from 8.0 percent in January 2023. This is the highest inflation posted since January 2019. The average inflation rate of Quezon province for the two months of the year stood at 8.3 percent. In February 2022, inflation rate was lower at 2.8 percent. The continued uptrend of the February inflation in the province was primarily due to the higher annual increment noted in the index for restaurants and accommodation services at 5.2 percent, from 1.9 percent in the previous month. This was followed by housing, water, electricity, gas and other fuels at 9.3 percent, from 7.2 percent in January 2023. 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: Food and non-alcoholic beverages at 8.9 percent, from 8.6 percent; Alcoholic beverages and tobacco at 11.1 percent, from 10.8 percent; Clothing and footwear at 2.2 percent, from 1.4 percent; Health at 5.5 percent, from 4.3 percent; Recreation, sport and culture at 1.8 percent, from 1.5 percent; and Personal care, and miscellaneous goods and services at 3.4 percent, from 2.6 percent. ln contrast, inflation rates during the month decreased for furnishings, household equipment and routine household maintenance at 1.9 percent, from 2.8 percent; and transport at 25.3 percent, from 30.7 percent. Meanwhile, the following commodity groups retained their previous month’s inflation: Information and communication at 0.0 percent; Education services at 3.0 percent; and Financial services at 0.0 percent. Inflation for food in the province increased to 9.4 percent during the month, from 9.1 percent in January 2023. In February 2022, food inflation stood at -1.7 percent. The acceleration in food inflation was mainly brought about by higher annual growth rate in the index of fish and other seafood, which inclined annually by 16.5 percent, from 4.7 percent recorded in the previous month. Likewise, higher annual hikes during the month were observed in the indices of the following food groups compared to the previous month: Rice at 0.1 percent, from 0.0 percent; Meat and other parts of slaughtered land animals at 5.1 percent, from 3.7 percent; Milk, other dairy products and eggs at 7.4 percent, from 3.8 percent; and Ready-made food and other food products not elsewhere classified at 8.7 percent, from 8.5 percent. In contrast, the following food groups posted declines in the annual growth rates: Corn at 25.6 percent, from 26.6 percent; Flour, bread and other bakery products, pasta products, and other cereals at 6.5 percent, from 6.8 percent; Oils and fats at -4.5 percent, from 4.5 percent; Fruits and nuts at 3.1 percent, from 6.6 percent. Vegetables, tubers, plantains, cooking bananas and pulses at 30.2 percent, from 44.4 percent; and Sugar, confectionery and desserts at 48.3 percent, from 50.3 percent. (SGD.) AIRENE A. PUCYUTAN Provincial Statistics Officer PSA Quezon
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