Slower increases in fuel prices tamed the region's inflation rate causing a drop to a 9-month low.  Still, the rate of increase in consumer prices in July this year was much faster than the 1.0 percent recorded in the same period in 2009. The rate in the Fuel, Light and Water commodity group shrunk by 3.7 percentage points while that for the Services and Miscellaneous commodity groups slipped by a minimal 0.1 percentage point apiece. Increased prices of food items such as rice, fruits and vegetables and miscellaneous foods pushed the overall inflation up by 0.1 percentage point in the food group, the biggest component of the region's market basket. The rates for Clothing and Housing and Repairs commodity groups remained unchanged from the previous month's level.

Bicol Region maintained the June level of Consumer Price Index at 166.7. Only the Fuel, Light and Water commodity group posted a decline of 1.8 points in its index while the rest of the commodity groups had varying increases, to wit: Services (0.4 point), Food, Beverages and Tobacco (0.2 point), and Clothing and Miscellaneous commodity groups (0.1 point apiece). Housing and Repairs remained unchanged from its index in June. 

Consumer Price Index and Inflation Rate by Commodity Group
Region V: July and June 2010
(2000=100)

On a month-on-month basis, average inflation rate in the Bicol Region managed to drop by 0.1 percentage point. Decline in inflation rates of the Fuel, Light and Water and Services commodity groups were noted while the rate for the food group was faster by 0.1 percentage point. The previous month's level in the inflation rates of the Clothing, Housing and Repairs and Miscellaneous commodity groups were maintained.

The purchasing power of the peso in Bicol Region remained at 60 centavos in July 2010 from P1.00 in 2000.

Source of basic data: National Statistics Office

Date Posted: August 10, 2010