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NOVEMBER INFLATION STAYS AT 3.7 PERCENT

The rate of increase in consumer prices in the Bicol Region sustained its previous month's level brought about mainly by slower increases in fuel prices. The year-on-year change was placed at 3.7 percent, 0.9 percentage points higher than the rate in the same period last year and 1.0 percentage point lower than the national average. Bicol Region registered the 4th lowest inflation rate among regions of the country with Region X (Northern Mindanao) posting the highest at 7.7 percent and Region VII (Central Visayas) recording the lowest at 3.2 percent. The latest data brought the average inflation rate to 3.6 percent for the year. 


Majority of the commodity groups recorded drops in inflation rates.  Registering decreases were: Fuel, Light and Water (3.3 percentage points), Services (0.2 percentage point) and Miscellaneous (0.1 percentage point). These improvements, however, were not enough to counter the effect of the 0.5 percentage point increase in the Food Commodity Group, the biggest component of the region's consumer basket, on the overall inflation rate. Among the food items included in the region's market basket, only eggs, cereal preparations and miscellaneous foods registered declines in inflation rates, resulting in the upswing in the inflation rate of the Food group. Housing and Repairs likewise rose by 0.1 percentage point while inflation rate for the Clothing commodity group remained unchanged from its previous month's level.
 

The region's monthly Consumer Price Index (CPI) grew 0.5 point from last month's index of 173.7, reflecting a continued rise in average prices of consumer goods. All of the commodity groups posted increased indices, to wit: Food, Beverages and Tobacco (0.9 point), Miscellaneous commodity items (0.2 point), Clothing, Housing and Repairs, Fuel, Light and Water and Services commodity groups (0.1 point apiece).

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

Commodity Group CPI Inflation Rate*
November October November October
  All Items 174.2 173.7 3.7 3.7
  Food, Beverages & Tobacco 176.1 175.2 4.0 3.5
  Clothing 138.2 138.1 1.6 1.6
  Housing & Repairs 151.1 151.0 1.2 1.1
  Fuel, Light and Water 211.8 211.7r 6.4 9.7r
  Services 199.2 199.1 4.1 4.3
  Miscellaneous 137.0 136.8 1.8 1.9
* - year-on-year change             

On a month-on-month basis, average inflation rate in the Bicol Region rose by 0.1 percentage point. Inflation rates of the Fuel, Light and Water, Food group and Housing and Repairs commodity groups were faster by 0.6, 0.2 and 0.1 percentage point respectively. The rest of the commodity groups were unchanged from their last month's levels.

The purchasing power of the peso in Bicol Region dropped to 57 centavos in November 2011 from P1.00 in 2000.

Source of basic data: National Statistics Office

Note: Starting June 2011, the NSO will release the rebased CPI series as announced in their press release number 2011-44 dated June 28, 2011. Data users can expect two sets of the CPI as the new series shall be issued simultaneously with the 2000-based series until December 2011. CPI series starting January 2012 shall be 2006-based.

Date Posted: December 7, 2011
 
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