17PR0837 - 33
29 December 2017
Inflation rate in Leyte at 4.9 percent in November
Inflation rate in Leyte rises at 4.9 percent in November 2017, representing an increase by 0.6 percentage point compared to the 4.3 percent inflation rate in the previous month. Average provincial inflation rate in Leyte is generally higher than the regional average since July 2017 until the reference period.
Most of the commodity groups contributed to the 4.9 percent overall inflation rate which include Education (11.3 percent); Health (6.5 percent); Food and non-alcoholic beverages (6.3 percent); Alcoholic beverages and tobacco (4.7 percent); Transport (3.6 percent); Restaurant and miscellaneous goods and services (3.2 percent); and Clothing and footwear (2.2 percent). The rest of the commodity groups registered acceleration ranging from 0.1 to 2.0 percent.
The year-on-year rate of price change of four (2) major commodity groups slowed down in November 2017 as compared to its rates in October. The decrease was noted on the inflation rate of Alcoholic beverages and tobacco ( from 5.0 percent in October to 4.7 percent in November 2017) and Transport (from 3.7 percent in October to 3.6 percent in November 2017).
Previous month’s inflation rate for Clothing and footwear, Communication, Recreation and Culture, and Restaurant and miscellaneous goods and services were maintained during the month-in-review.
Inflation rate is the general rise of prices over a period. It indicates how fast or how slow changes over two time periods. Contrary to common knowledge, low inflation does not necessarily connote that prices are falling, rather, it means that prices continue to increase at a slower rate. It is a derived indicator of the Consumer Price Index (CPI).
The CPI is a measure of change in the average retail prices of goods and services commonly purchased by a particular group of people in a particular area. The overall CPI in Leyte for November 2017 was recorded at 162.6. This means that the average retails prices of goods and services in Leyte is 62.6 percent higher than the average retail prices in 2006 (base year).