SPECIAL RELEASE: Summary Inflation Report of Quezon Province Consumer Price Index (2018=100) July 2023
Release-Date
Reference-Number
2023 – 144
The headline inflation in Quezon province continued to move at a slower pace of 2.2 percent in July 2023, from 4.0 percent in June 2023. The deceleration in the headline inflation across the province was noted for the fifth consecutive month and the lowest since December 2021. Moreover, the inflation in July 2023 was lower compared to July 2022 inflation which was recorded at 6.4 percent. The average inflation from January to July 2023 of Quezon province stood at 5.8 percent. The slowdown in inflation in the province was primarily influenced by the faster annual decrease in housing, water, electricity, gas and other fuels at -0.8 percent in July 2023, from 5.1 percent in the previous month. This was followed by transport at 0.7 percent, from 7.3 percent. Restaurants and accommodation services was the third main source of deceleration of the inflation in July 2023 with 4.6 percent annual growth rate from 5.2 percent in June 2023. Also contributing to the downtrend in the overall inflation during the period were the lower annual increments in the indices of the following commodity groups: a.Alcoholic beverages and tobacco at 5.6 percent, from 7.5 percent; b.Clothing and footwear at 2.2 percent, from 2.3 percent; c.Furnishings, household equipment and routine household maintenance at 1.7 percent, from 1.9 percent; d.Recreation, sport and culture at 1.7 percent, from 1.8 percent; and e.Personal care, and miscellaneous goods and services at 2.2 percent, from 2.9 percent. On the contrary, the indices of food and non-alcoholic beverages; and health exhibited a faster year-on-year increase at 3.0 percent from 2.9 percent and 5.1 percent from 5.0 percent, respectively. Meanwhile, the following commodity groups retained their previous month’s inflation: a.Information and communication at 0.0 percent; b.Education services at 3.0 percent; and c.Financial services at 0.0 percent. Inflation for food in the province increased to 3.0 percent during the month, from 2.9 percent in June 2023. In July 2022, food inflation stood at 3.6 percent. The acceleration in food inflation in July 2023 was primarily due to the higher annual increment in the index of vegetables, tubers, plantains, cooking bananas and pulses at 23.8 percent, from 9.5 percent in June 2023. This was followed by fish and other seafood at 1.8 percent, from 0.9 percent, Higher inflation rates during the month were also noted in the indices of the following food items: a.Rice at 0.5 percent, from 0.4 percent; and b.Milk, other dairy products and eggs at 6.9 percent, from 5.1 percent. In contrast, following food groups posted lower inflation rates during the month: a.Corn at -3.9 percent, from 2.1 percent; b.Flour, bread and other bakery products, pasta products, and other cereals at 4.2 percent, from 4.6 percent; c.Meat and other parts of slaughtered land animals at -4.7 percent, from -2.2 percent. d.Oils and fats at -5.2 percent, from -4.0 percent; e.Fruits and nuts at -2.4 percent, from 5.4 percent; f.Sugar, confectionery and desserts at 27.4 percent, from 38.4 percent; and g.Ready-made food and other food products not elsewhere classified at 4.7 percent, from 5.6 percent. (SGD.) AIRENE A. PUCYUTAN Provincial Statistics Officer PSA Quezon NDP/MZR/EAD
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