The Inflation Rate (IR) of Northern Samar decrease to 6.8 percent in February 2023. This IR is 1.6 percentage points lower compared with the 8.4 IR a month ago, and 1.5 percentage points higher than the recorded 5.3 inflation in the same period last year. The province IR is 0.5 percentage points higher than the Regional IR of 6.3 percent.

Four (4) out of seven (7) provinces, including one (1) HUC, in Eastern Visayas posted lower IR compared with their figures a month ago, while the other two (2) provinces has a higher IR and the remaining province has retained its previous months’ IR. 

Out of thirteen (13) commodity groups in the province, nine (9) commodity groups registered lower IRs while two (2) commodity group registered a higher IR during the month in comparison with their rates a month ago. Whereas two (2) commodity groups retained its IR. The IRs resulted to a 1.6 percentage point decrease in the overall IR of the province for the month of February 2023.

The decrease in the province inflation was mainly brought about by a lower annual increment in the Housing, Water, Electricity, Gas and Other Fuels division which has a 62.6 percent share to inflation trend, with its current inflation rate of 14.1 from a 19.7 last months’ IR. This can be traced to the decrease in Electricity, Gas and Other Fuels with 14.9 percentage point decrease from 24.8 to 9.9 IR. Specifically, electricity has a 96.2 percent share to the downtrend. 

Meanwhile, a decrease in the following divisions can also be observed: 

     a. Alcoholic Beverages and Tobacco, 5.3 percent; 
     b. Clothing and Footwear, (0.6) percent; 
     c. Furnishing Household equipment and routine maintenance of the house, 2.6 percent; 
     d. Health, (0.5) percent; 
     e. Transport, (1.2) percent; 
     f. Information & Communication, 3.3 percent; 
     g. Restaurant and Accommodation Services, 7.1 percent; and 
     h. Personal Care, and Miscellaneous Goods and Services, 1.4 percent.

The Restaurant and Accommodation Services commodity group also posted a decrease in percentage points by 9.9, with its current IR of 7.1 from 17.1 of last months’ IR.This comprises the 21.4 percent share to inflation trend. Food and Beverage Serving Services posted a 10.3 percentage point decrease from 17.7 to 7.4 IR. 

Transport posted 2.4 percentage point decrease from 1.3 to -1.2 IR for this month, which has an 8.7 percent share to inflation trend. This can be traced to the decrease in Operation of Personal Transport Equipment of 5.2 percentage points, and Purchase of Vehicles with a 0.9 percentage point decrease. Gasoline has the biggest weight with 50.9 percent share in downtrend, followed by diesel and motorcycles with 28.9 and 18.7 percentage share in the downtrend, respectively.

Meanwhile, Food & Non-Alcoholic Beverages commodity group posted an increase of 0.4 percentage points from 6.1 IR in January to 6.5 IR for February 2023. This can be traced due to increase in the commodity group of Milk, other dairy products and eggs from an IR of 3.7 to 9.8 IR for this month, which makes up 57.4 percent share to inflation trend. Followed by fish and other seafood with 15.8 percent and rice with 14.5 percent share to inflation trend for the food group. 

Recreation, Sport & Culture division also has a slight increase of 1.5 percentage points from 1.5 to 3.0 IR. This is due to an increase of 2.9 percentage point on Newspapers, Books and Stationery, and 1.1 percentage points on Other Recreational Goods. 

Education and Financial Services commodity groups retained their previous month’s inflation rates.

Note:

     CPIs and inflation rates by province and selected city are              posted at the PSA website (https://openstat.psa.gov.ph/).