Consumer Price Index in Surigao del Sur: January 2022 (2018=100)

Reference Number: 

SR-1668-2022-001

Date Released: 

March 02, 2022

 

                                       

 

 

Consumer Price Index in Surigao del Sur: January 2022 (2018=100)

Reference Number: SR-1668-2022-001

Release Date: March 02, 2022

 

Price of a basket of goods in January 2022

 

For January 2022, Surigao del Sur’s Consumer Price Index (CPI) is 112.7, which means that the price of a basket of goods is 12.7 percent higher than its price in based year 2018.  The CPI is an indicator of the change in the average retail prices of a fixed basket of goods and services commonly purchased by households relative to base year. (See Figure 1)

                                                           

                                                        Source: Survey of Retail Prices of Commodity for the Generation of CPI, PSA

 

Surigao del Sur January 2022 CPI by Commodity Group

Alcoholic Beverages and Tobacco had the highest CPI among the commodity groups in January 2022 at 140.8, followed by Transport at 129.7.  On the other hand, the three (3) commodity groups with the lowest CPI reported in January 2022 were Education at 101.8, Communication at 101.9 and Clothing and Footwear at 103.2.  (See Figure 2)

                                                           

                                                           Source: Survey of Retail Prices of Commodity for the Generation of CPI, PSA

 

On the selected Transport items, the highest transport retail price is recorded in purchase of vehicles with an average increase of 51.20 percentage points and followed by Operation of Personal Transport Equipment 27.7 percentage points. (See Table 1)

 

Table 1.  Consumer Price Index (CPI) by Transport Items (2018=100)

Commodity Group

CPI January 2022

TRANSPORT

129.7

     Purchase of Vehicles

151.2

     Operation of Personal Transport Equipment

127.7

     Passenger Transport Services

100.7

     Transport Services of Goods

104.4

Source: Survey of Retail Prices of Commodity for the Generation of CPI, PSA

 

Purchasing Power of Peso (PPP)

Surigao del Sur’s PPP in January 2022 is estimated at 0.89. This implies that the Php1.00 in 2018, as the base year, values 89 centavos in January 2022.  To make an example, the Php 100 worth of basket goods in year 2018 is now only value of Php 89.  (See Table 2)

 

Table 2. Year on Year Purchasing Power of Peso (2018=100)

Reference Period

CPI January 2022

Purchasing Power of Peso (PPP)

January 2022

112.7

0.89

December 2021

110.7

0.90

January 2021

107.8

0.93

Source: Survey of Retail Prices of Commodity for the Generation of CPI, PSA

 

Inflation Rate in January 2022 Continue to Rise

In Surigao del Sur, January 2022 inflation rate continued to accelerate at 4.5 percent based on the computed price indices at constant 2018 prices.  It is higher by 0.8 percentage points compared to the registered rate of 3.7 percent in December 2021. Further, it is higher by 1.6 percentage points compared to the posted rate of 2.9 percent in January 2021. (See Figure 3)

                                                          

                                                          Source: Survey of Retail Prices of Commodity for the Generation of CPI, PSA

Figure 3 shows the trend of the province inflation rate from January 2021 to January 2022. The highest inflation was noticed in January 2022 while October 2021 was the lowest inflation in the province.

 

 

Statistical Tables

Consumer Price Index, Inflation Rate, Monthly Percent Change

 

and Purchasing Power of Peso in SURIGAO DEL SUR

 

(2018 = 100)

 

 

 

Year/Month

C P I

Inflation Rate

Monthly

Purchasing

% Change

Power of Peso

 

 

 

 

 

 

 

 

 

 

2022

               

 

 

               

 

 

January

112.7

 

4.5

 

1.8

 

0.89

 

 

               

 

2021

 

109.3

 

3.3

     

0.92

 

 

               

 

 

January

107.8

 

2.9

 

1.0

 

0.93

 

 

February

109.0

 

3.7

 

1.1

 

0.92

 

 

March

108.9

 

4.3

 

-0.1

 

0.92

 

 

April

109.6

 

3.8

 

0.6

 

0.91

 

 

May

109.6

 

4.0

 

0.0

 

0.91

 

 

June

109.4

 

3.2

 

-0.2

 

0.91

 

 

July

109.2

 

3.0

 

-0.2

 

0.92

 

 

August

109.2

 

3.0

 

0.0

 

0.92

 

 

September

108.7

 

2.2

 

-0.5

 

0.92

 

 

October

108.9

 

2.1

 

0.2

 

0.92

 

 

November

110.0

 

3.3

 

1.0

 

0.91

 

 

December

110.7

 

3.7

 

0.6

 

0.90

 

 

               

 

2020

 

105.8

 

3.8

     

0.95

 

 

               

 

 

January

104.8

 

3.9

 

1.0

 

0.95

 

 

February

105.1

 

4.2

 

0.3

 

0.95

 

 

March

104.4

 

3.6

 

-0.7

 

0.96

 

 

April

105.6

 

4.0

 

1.1

 

0.95

 

 

May

105.4

 

3.6

 

-0.2

 

0.95

 

 

June

106.0

 

4.4

 

0.6

 

0.94

 

 

July

106.0

 

3.8

 

0.0

 

0.94

 

 

August

106.0

 

3.7

 

0.0

 

0.94

 

 

September

106.4

 

3.9

 

0.4

 

0.94

 

 

October

106.7

 

4.2

 

0.3

 

0.94

 

 

November

106.5

 

2.9

 

-0.2

 

0.94

 

 

December

106.7

 

2.8

 

0.2

 

0.94

 

 

               

 

 

2019

 

102.0

 

2.0

     

0.98

 

 

               

 

 

 

 

January

100.9

 

3.0

 

0.7

 

0.99

 

 

February

100.9

 

2.6

 

0.0

 

0.99

 

 

March

100.8

 

2.2

 

-0.1

 

0.99

 

 

April

101.5

 

2.2

 

0.7

 

0.99

 

 

May

101.7

 

2.4

 

0.2

 

0.98

 

 

June

101.5

 

2.0

 

-0.2

 

0.99

 

 

July

102.1

 

2.6

 

0.6

 

0.98

 

 

August

102.2

 

1.7

 

0.1

 

0.98

 

 

September

102.4

 

0.0

 

0.2

 

0.98

 

 

October

102.4

 

-0.2

 

0.0

 

0.98

 

 

November

103.5

 

1.6

 

1.1

 

0.97

 

 

December

103.8

 

3.6

 

0.3

 

0.96

 

 

               

 

2018

 

100.0

         

1.00

 

 

               

 

 

January

98.0

         

1.02

 

 

February

98.3

     

0.3

 

1.02

 

 

March

98.6

     

0.3

 

1.01

 

 

April

99.3

     

0.7

 

1.01

 

 

May

99.3

     

0.0

 

1.01

 

 

June

99.5

     

0.2

 

1.01

 

 

July

99.5

     

0.0

 

1.01

 

 

August

100.5

     

1.0

 

1.00

 

 

September

102.4

     

1.9

 

0.98

 

 

October

102.6

     

0.2

 

0.97

 

 

November

101.9

     

-0.7

 

0.98

 

 

December

100.2

 

 

 

-1.7

 

1.00

 

 

 

TECHNICAL NOTES

 

Consumer Price index (CPI) – The CPI is an indicator of the changes in the average retail prices of a fixed basket of goods and services commonly purchased by households relative to a base year.

 

Used of CPI – The computation of the CPI involves consideration of the following important points:

 

a. Base Period – The reference data or base period is the benchmark or reference date or period at which the index is taken as equal to 100.

 

b. Market Basket - A sample of the thousands of varieties of goods purchased for consumption and services availed by the households in the country selected to represent the composite price behavior of all goods and services purchased by consumers.

 

c. Weighing System – The weighing pattern uses the expenditures on various consumer items purchased by households as a proportion to total expenditure.

 

d. Formula – The formula used in computing the CPI is the weighted arithmetic mean of price relatives, the Laspeyre’s formula with a fixed base year period (2018) weights.

 

e. Geographic Coverage – CPI values are computed at the national, regional, and provincial levels, and for selected cities.

 

Inflation Rate (IR) – is the rate of change of the CPI expressed in percent. Inflation is interpreted in terms of declining purchasing power of peso.

 

Purchasing Power of Peso (PPP) – shows how much the peso in the base period is worth in the current period. It is computed as the reciprocal of the CPI for the period under review multiplied by 100.

 

 

Approved for released:

 

 

(SGD) RUEL L. DRES

Chief Statistical Specialist

 

 

 

 

 

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