This report presents the Inflation Rate (IR) for all income households in the province of Cavite during the month of May 2023. Inflation Rate (IR) is the annual rate of change 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 dropped at 6.5 percent for the month of May 2023. It is lower by 0.1 percent compared to April 2023 but higher by 2.6 percent versus to the inflation rate last May 2022 (see Table 1 and Figure 1). The deceleration in the province’s inflation rate in May 2023 was primarily due to the slower annual growth rate in the index for Food and Non-Alcoholic Beverages commodity group at 8.7 percent inflation and also contributing to the downtrend in the overall inflation for month of May 2023 were Furnishings, Household and Equipment and Routine Household Maintenance at 6.1 percent, Health at 1.9 percent, Transport at -0.4 percent and Information and Communication at -0.9 percent. On the other hand, eight (8) commodity groups showed a higher annual increment in the indices compared to last month’s inflation: Alcoholic Beverages and Tobacco, 16.4 percent Clothing and Footwear, 8.7 percent Housing, Water, Electricity, Gas and Other Fuels, 10.2 percent Recreation Sport and Culture, 8.2 percent Restaurants and Accommodation Services, 2.5 percent Personal Care, and Miscellaneous Goods and Services, 5.6 percent Meanwhile, Education Services (1.2 percent) and Financial Services (0 percent) were stable this month. For food inflation, a decrease of 0.1 percent was observed for the month of May 2023, with 8.7 percent inflation compared to its previous month’s record of 8.8 percent (Table 3). The annual growth rate of Oils and fats went down to 0.4 percent during month of May 2023, from 5.2 percent last April 2023. In addition, food groups exhibited lower annual increments during the month are the following: Cereals and Cereal products, 6.1 percent Cereals, 1.2 percent Rice, 0.8 percent Flour, Bread and Other Bakery Products, Pasta Products, and Other Cereals, 14.6 percent Meat and other parts of slaughtered land animals, 3.6 percent Fish and other seafood, 13 percent Milk, other dairy products and eggs, 12 percent Sugar, confectionery and desserts, 27.2 percent Ready-made food and other food products n.e.c., 7.6 percent Meanwhile, the following food groups showed higher annual increment for the month: Corn, 35.6 percent Fruits and nuts, 14.2 percent Vegetables, tubers, plantains, cooking bananas and pulses, 12.4 percent.
Of the estimated 12.07 million population 15 years old and over in CALABARZON, about 64.8 percent or 7.82 million are considered persons in the labor force (See summary statistics). It means that…
