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BICOL POSTS THE LOWEST INFLATION IN MAY

Annual inflation rate in the Bicol Region decelerated to 3.5 percent in May, the lowest among regions of the country.  The year-on-year change for the month was  0.2 percentage point lower than  the previous month's level  as lower rise in rates were registered in most of the commodity groups. The same rate was also recorded in the first three months of the year. Compared to last year's level,  inflation rate for the period is 1.3 percentage points lower and 1.0 percentage point below the national average. Region XIII (Caraga) registered the highest inflation rate for the month at 6.3 percent. With the latest figure, inflation rate for the first five months of the year averaged at 3.5 percent.

 
Slowdown of price increases was most pronounced in the Fuel, Light and Water commodity group which slipped by 1.2 percentage points while inflation in the heavily-weighted Food, Beverages and Tobacco commodity group fell by 0.2 percentage point. While majority of the food items included in the region's market basket had higher inflation rates, it was the lower inflation rates for eggs, fish, meat and miscellaneous foods that brought down the overall level for the Food group, the biggest component of the region's consumer basket. Housing and Repairs, Services and Miscellaneous commodity groups declined by 0.1 percentage point apiece. Only the Clothing commodity group posted a rise in inflation rate, up by 0.2 percentage point from the 1.3 percent rate in April.

Average prices of consumer goods eased slightly as reflected in the monthly Consumer Price Index (CPI) of 172.5 declining by 0.3 point from last month's index. Food, Beverages and Tobacco commodity group contributed to the overall drop shed 0.9 point. The rest of the commodity groups posted increases, to wit: Fuel, Light and Water (0.9 point), Services (0.4 point) and Clothing and Miscellaneous commodity groups (0.2 point apiece). Housing and Repairs sustained its previous month's level.

Consumer Price Index and Inflation Rate by Commodity Group
Region V: May and April 2011
(2000=100)

Commodity Group CPI Inflation Rate*
May April May April
  All Items 172.5 172.8 3.5 3.7
  Food, Beverages & Tobacco 173.4 174.3 3.5 3.7
  Clothing 137.4 137.2 1.5 1.3
  Housing & Repairs 150.8 150.8 1.1 1.2
  Fuel, Light and Water 213.1 212.2 8.0 9.2
  Services 198.0 197.6 4.3 4.4
  Miscellaneous 135.7 135.5 1.5 1.6
* - year-on-year change             

On a month-on-month basis, average inflation rate in the Bicol Region declined by 0.5 percentage point, settling at negative 0.2 percent. Bicol Region along with National Capital Region (NCR) and Region IV-B (MIMAROPA) posted negative inflation rates for the month. Inflation rate for Miscellaneous commodity items remained unchanged while the rest of the commodity groups posted drops in inflation rates varying from 0.1 to 0.9 percentage point.

The purchasing power of the peso in Bicol Region remained at 58 centavos in May 2011 from P1.00 in 2000.

Source of basic data: National Statistics Office

Date Posted: June 9, 2011
 
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