Tuesday, August 9, 2022
The Inflation Rate (IR) in Eastern Visayas continued its uptrend as it moved up further to 7.5 percent in July 2022, from 6.8 percent in June 2022. The regional IR was higher than the 6.4 percent national IR in July 2022 and was the highest recorded IR since November 2018 (Table 2). With this month’s IR, the region’s average IR from January to July 2022 stood at 6.0 percent. In July 2021, the regional IR was lower at 4.4 percent (Table 1).
The main source of the upward trend of the July 2022 IR was the higher annual growth rate in the index for food and non-alcoholic beverages at 8.0 percent, from 6.7 percent in the previous month. Housing, water, electricity, gas, and other fuels followed with 9.5 percent IR, from 8.4 percent in June 2022. Also contributing to the uptrend in the regional IR during the period were the higher IRs of the following commodity groups:
a. Restaurants and accommodation services, 5.2 percent;
b. Personal care, and miscellaneous goods and service, 2.0 percent;
c. Furnishings, household equipment, and routine household maintenance, 1.4 percent;
d. Alcoholic beverages and tobacco, 6.4 percent; and
e. Health, 1.2 percent
On the contrary, the double-digit IR for transport commodity group slowed down to 16.1 percent in July 2022, from 18.1 percent in June 2022. The IRs for clothing and footwear commodity group and recreation, sport, and culture commodity group decreased to 1.2 percent and 0.7 percent, respectively. The commodity group of information and communication maintained its previous month’s IR at 0.7 percent, while the rest of the commodity groups had zero percent annual growths (Table 3).
IR for food index increased further to 8.5 percent during the month, from 7.1 percent in June 2022. IR for food in July 2021 was posted at 5.0 percent (Table 3).
By food group, the increase in IRs for rice at 2.9 percent; meat and other parts of slaughtered land animals at 24.4 percent; and flour, bread and other bakery products, pasta products, and other cereals at 7.2 percent contributed largely to the acceleration of the food index during the month. Sugar, confectionery, and desserts surged to a double-digit IR of 11.6 percent in July 2022 from 7.4 percent in June 2022. The following food groups also exhibited higher IRs during the month:
a. Fish and other seafood, 7.8 percent;
b. Milk, other dairy products, and eggs, 3.8 percent;
c. Ready-made food and other food products not elsewhere classified, 2.6 percent
d. Corn, 5.4 percent; and
e. Oils and fats, 8.4 percent;
On the other hand, IR for fruits and nuts slowed down to 9.6 percent in July 2022, from its double-digit IR of 10.3 percent in June 2022. Vegetables, tubers, plantains, cooking bananas, and pulses also registered lower IR at 6.2 percent (Table 3).
Inflation Rate by Region
Except for NCR, CAR, and Region I, all regions registered higher IRs in July 2022 compared with their IRs in the previous month. Among the regions, Eastern Visayas’ IR at 7.5 percent ranked fourth highest during the month. Davao Region registered the highest IR at 8.6 percent, followed by Zamboanga Peninsula and Central Luzon at 8.3 percent and 7.9 percent, respectively. On the other hand, BARMM recorded the
lowest IR at 3.6 percent in July 2022, followed by NCR at 5.1 percent. Cagayan Valley and Bicol Region recorded the third lowest IR among the regions both at 5.6 percent (Figure 2 and Table 4).
Inflation Rate by Province
Relative to their IRs in June 2022, all provinces recorded higher IRs in July 2022. Among the provinces, Northern Samar posted the highest IR at 10.1 percent. Southern Leyte’s IR came next at 9.8 percent, followed by Leyte at 7.2 percent; Eastern Samar at 7.1 percent; and Biliran at 7.0 percent. The lowest IR was registered in Samar at 6.5 percent (Figure 3 and Table 5).
Meanwhile, IR for Tacloban City, the lone Highly Urbanized City (HUC) in the region, was recorded at 5.2 percent in July 2022, lower than its 5.8 percent IR last month (Figure 3 and Table 5).