This report presents the Headline Inflation Rate (IR) for all income households in the province of Cavite during the month of August 2023. 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 declining purchasing power of money. Headline inflation in the Province of Cavite soared to 6.1 percent for the month of August 2023, higher by 0.9 percent compared to last month’s inflation rate of 5.2 percent. With this month’s inflation, the province’s average inflation from January to August 2023 stood at 6.8 percent (see Table 1 and Figure 1). The acceleration in the province’s inflation rate for the month of August 2023 was primarily due to the higher annual growth rate in the index for Food and Non – Alcoholic Beverages commodity group with 9.2% inflation compared to 7.4% inflation last July. Also contributing to the uptrend in the overall inflation of August 2023 were the increased in the indices of the following commodity groups: Transport, -0.6 percent Information and Communication, -0.4 percent Personal Care, and Miscellaneous Goods and Services, 5.8 percent Furnishing, Household Equipment and Routine Household Maintenance, 5.0 percent On the other hand, the following commodity groups showed lower annual change: Alcoholic Beverages and Tobacco, 14.6 percent Clothing and Footwear, 7.1 percent Housing, Water, Electricity, Gas and Other Fuels, 8.2 percent Health, 0.7 percent Recreation, Sports and Culture, 6.3 percent Education Services, 0.2 percent Meanwhile, Restaurants and Accommodation Services (3.1 percent) and Financial Services (0.0 percent) were stable this month. For food inflation, it increased by 1.9 percent for the month of August 2023, with 9.2 percent inflation compared to its previous month’s inflation of 7.3 percent (see Table 3). The annual growth rate of the following food groups exhibited higher annual increments during the month: Cereals and cereal products, 8.4 Meat and other parts of slaughtered land animals, -1.7 percent Fish and other seafoods, 9.7 percent Fruits and vegetables juices, 10.9 percent Vegetables, tubers, plantains, cooking bananas and pulses, 41.7 percent Coffee and coffee substitutes, 10.0 percent Tea, mate, and other plant products for infusion, 13.8 percent Water, 9.6 percent Meanwhile, the inflation of the following food group decreased this month: Milk, other dairy products and eggs, 9.3 percent Oils and Fats, -5.2 percent Sugar, confectionery and desserts, 17.4 percent Ready-made food and other food products n.e.c., 6.6 percent Fruit and vegetables juices, 7.3 percent Soft drinks, 11.9 percent Other non-alcoholic beverages, 7.2 percent Lastly, Inflation for Rice accelerated at 6.0 percent while Corn decelerated to 20.0 percent during August 2023 compared to 1.7 percent and 25.6 percent last July 2023 respectively.
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