Summary Report on Consumer Price Index, Inflation Rate and Purchasing Power of Peso, Dinagat Islands, May 2022

Reference Number: 

SR-2022-005

Date Released: 

June 2022

 

Highlight
 
Consumer Price Index for May 2022 (2018 based) was recorded at 123.1. The CPI can be translated to an inflation rate of 6.3 percent and a purchasing power of peso valued at 81 centavos (Table 1).
 
 
Table 1. Consumer Price Index, Monthly Inflation Rates, Monthly Percent Changes and Purchasing Power of Peso in the Province of Dinagat Islands (2018=100)
 
 
Consumer Price Index (CPI)

The Consumer Price Index (All items) of 123.1 suggested an increase in the average retail prices of commodities by 23.1% compared to the base year (2018). The value is much higher by 6.3% compared to CPI in May 2021 at 115.8 and higher by 0.9% over April 2022 (122.0).

 

Table 2. Consumer Price Index, Dinagat Islands: May 2022 and 2021 and April 2022 and 2021

 

Compared to previous month price indices, significant increases can be noted for Food and Non-alcoholic Beverages, Alcoholic Beverages and Tobacco, Clothing and Footwear, Housing, Water Electricity, Gas and Other Fuels, Transport and Recreation, Sports, and Culture. While the price indices of the following commodity groups plunge to wit; Furnishings, Household Equipment and Routine Household Maintenance, Health, Information and Communication and Personal Care and Miscellaneous Goods and Services
 
 
Inflation Rate stabilizes at 6.3%
 
Inflation rate for May 2022 was noted at 6.3%. The rate was the same in April 2022. However, it was way lower by 4.0 percentage points compared to May 2021 with inflation rate recorded at 10.3% (Figure 1).
 
 
 
Figure 1. Year-on-Year Inflation Rate (All Items), Dinagat Islands; April 2021 to May 2022 (2018=100)
 
Year on year, the decrease in inflation rate can be traced to the drop in the inflation rate of Food and Non-alcoholic beverages from 8.2% to 5.1%. Moreover, other commodity groups that exhibited decrease in inflation rates are the following (Figure 2).
 
• Alcoholic Beverages and Tobacco from 13.3% to 8.7%
• Clothing and Footwear from 16.0% to 2.9%
• Housing, water, electricity, gas and other fuels from 10.5% to 2.9%
• Furnishings, household equipment and routine household maintenance
  from 19.9% to 3.4%
• Health from 11.7% to 1.5%
• Information and Communication from 3.9% to -0.2%
• Recreation, Sports and Culture from 12.5% to 6.1%
• Restaurants and Accommodation service from 15.3% to 9.1%
• Financial Services from 63.6% to 0%, and
• Personal care, miscellaneous goods and services from 13.2% to 3.9%
 
 
On the other hand, only the Transport group exhibited positive growth from 14.7% to 29.1%.
 
Figure 2. Inflation rate by Commodity Group, Dinagat Islands: May 2021, April 2022 and May 2022 (2018=100)
 
 
Further, month to month comparison, the inflation rate had stabilized at 6.3% due to distributed increases and decreases in the different commodity groups. The following commodity groups which manifested positive inflation rate over previous month are the following, to wit;
 
• Alcoholic Beverages and Tobacco from 7.6% to 8.7%
• Housing, water, electricty, gas and other fuels from 1.1% to 2.9%
• Transport from 25.7% to 29.1%, and
• Recreation, sports and culture from 5.8% to 6.1%
 
On the other side, some commodity groups recorded negative inflation growth for this month, this includes;
 
• Foods and Non-alcoholic beverages from 6.0% to 5.1% 
• Furnishing, household equipment and routing household maintenance from 3.7% to 3.4%
• Health from 2.3% to 1.5%
• Information and Communication from 0.7% to -0.2%, and
• Personal Care and Miscellaneous goods and servies from 5.7% to 3.9%

Meanwhile, clothing and footwear, education services, restaurants and accomodation services and financial services showed no movement in the inflation rate for this month over last month.

 

Purchasing Power of Peso valued at 84 centavos

The persistent high inflation rate relatively weakens the Purchasing Power of Peso (PPP) in the province; PPP was valued at 81 centavos for May 2022 lower from its value of 86 centavos in May 2021. In addition, the high inflation rate undervalues the peso by 0.01 centavos compared to its value in April 2021 at 82 centavos.
 
 
 
 
Prepared by:                                                                                                                       Noted by:
 
 
 
(Sgd)CHRISTINE F. PEGARIT                                                                                           (Sgd)GLENNBOY C. LISTON, D.M.
Statistical Specialist II                                                                                                         Chief Statistical Specialist

Attachments: 

http://rssocaraga.psa.gov.ph/sites/default/files/Special-Release_CPI-May-2022-report.doc.pdf

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