Philippine Statistics Authority - Regional Statistical Services Office III, San Fernando, Pampanga (Facebook photo)
CITY OF SAN FERNANDO, Pampanga – The inflation rate in Central Luzon continued to slow down to 2.5 percent in January, the lowest rate recorded in the region since November 2020, the Philippine Statistics Authority - Regional Statistical Services Office (PSA-RSSO) reported on Friday.
The latest figure was 0.7 percentage points lower than December 2021’s 3.2 percent.
In January 2021, the PSA said the inflation rate in the region was at 4.9 percent.
Central Luzon ranked fifth among the regions with the lowest inflation in the country.
National Capital Region had the lowest inflation at 1.3 percent followed by Cagayan Valley at 1.7 percent, Bangsamoro Autonomous Region in Muslim Mindanao at 1.9 percent, and Calabarzon at 2.4 percent.
The report signed by Arlene Divino, Officer-in-Charge of PSA-RSSO III, showed the continued slowdown was primarily brought about by the faster decline in the annual growth rate in the regional food index to minus 2.5 percent in January 2022 from 0.3 percent in December 2021.
A notable decline was observed in the annual growth rate of meat and other parts of slaughtered land animals index at minus 2.8 percent from 7.0 percent in December 2021.
The faster decline was also noted in fruits and nuts at minus 7.1 percent; and vegetables, tubers, cooking bananas, and pulses at minus 25.5 percent.
In addition, a slight decrease was posted in the annual growth rate of the corn index at 17.4 percent.
The inflation for milk, other dairy products, and eggs, on the other hand, slowly declined at minus 0.1 percent.
Likewise, the annual increments in the indices of alcoholic beverages (6.7 percent); furnishings, household equipment and routine household maintenance (2.0 percent); health (2.9 percent); and restaurant and accommodation services (2.7 percent) slowed down in January 2022.
In contrast, the PSA reported that higher annual increments were posted in the food indices such as rice at 2.2 percent; flour, bread, and other bakery products, pasta products, and other cereals at 2.8 percent; fish and other seafood at 2.3 percent; oils and fats at 10.1 percent; sugar, confectionery, and desserts at 2.7 percent; and ready-made food and other food products at 2.6 percent.
Faster acceleration on inflation was likewise registered in the indices of clothing and footwear at 2.2 percent; housing, water, electricity, gas, and other fuels (9.1 percent); transport (7.4 percent); information and communication (0.6 percent); and personal care and miscellaneous goods and services (2.7 percent).
A similar rate of increase like that of the previous month was observed in the indices of recreation, sport, and culture at 1.7 percent; education services (0.1 percent); and financial services (46.0 percent), the PSA added.
The report was the result of the survey of retail prices of commodities and services for the generation of the Consumer Price Index (CPI) conducted in January 2022.
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 for their day-to-day consumption relative to a base year.
The CPI is also used as a basis to adjust wages in labor-management contracts, as well as pensions and retirement benefits. It serves as inputs in wage adjustments through collective bargaining agreements. (PR)
