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

Reference Number: 

SR-1668-2022-004

Date Released: 

June 9, 2022

 

 

Surigao del Sur’s Inflation Increase at 5.0 Percentage  Point

 

In Surigao del Sur, May 2022 inflation rate increase at 5.0 percent based on the computed price indices at constant 2018 prices. It went up by 0.3 percentage points compared to the registered rate of 4.7 percent in April 2022.  However, it is higher   by

1.0 percentage point compared to the posted rate of 4.0 percent in last year May 2021.

 

Figure 1 shows the trend of the province inflation rate of 2022 and inflation rate of 2021. The highest inflation was noticed in May 2022 while October 2021 was the lowest inflation in the province. The year-to-date inflation for all income groups from January 2022 to May 2022 is 4.6 percent.

 

 

Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index, Philippine Statistics Authority

 

 

Year on Year Purchasing Power of Peso

 

Surigao del Sur’s PPP in May 2022 is estimated at 0.87. This implies that  the  Php1.00 in 2018, as the base year, values 87 centavos in May 2022. To make an example, the Php100 worth of basket goods in year 2018 is now only value of Php 87. (See Table 1)

 

 

Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index, PhilippineStatistics Authority

 

 

Price of a basket of goods in May 2022

For May 2022, Surigao del Sur’s Consumer Price Index (CPI) is 115.1, which means that the price of a basket of goods is 15.1 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 2)

 

Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index, Philippine Statistics Authority

 

 

Surigao del Sur’s May 2022 CPI by Commodity  Group

Alcoholic Beverages and Tobacco had the highest CPI among  the  commodity  groups in May 2022 at 147.3, followed by Financial Services at 146. On the other hand, the three (3) commodity groups with the lowest CPI reported in  May  2022  were Information and Communication at 101.9, Education at 102.3 and Clothing and Footwear at 103.5.  (See Figure 3)

 

Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index, Philippine Statistics Authority

 

On the selected Housing, Water, Electricity, Gas and Other Fuels commodity group items, the highest retail price is recorded in Electricity, Gas and Other Fuels with an average increase of 33.0 percentage points. On the other hand, Water Supply and Miscellaneous Services Relating to the Dwelling prices remain constant of CPI reported at 100.   (See Table 2)

 

Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index, Philippine Statistics Authority

 

Statistical Tables

Consumer Price Index, Inflation Rate, Monthly Percent Change and Purchasing Power of Peso in SURIGAO DEL  SUR (2018 = 100)

 

 

 

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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