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