Friday, June 28, 2019
The province of Davao del Norte posted an annual inflation rate of 2.1 percent in May 2019. In April 2019, inflation was recorded at 2.0 percent, and on the same month of the previous year, 5.3 percent.
The average price of consumer goods and services commonly purchased in the province increased from 118.5 in May 2018 to 121.0 in May 2019. Increase in the price indices of the commodity groups were also observed, excluding education.
The commodity groups of health, and alcoholic beverages and tobacco registered the highest price increments, with 8.5 percent (117.2 to 127.2) and 5.7 percent (162.1 to 171.3), respectively. Annual mark-ups were also exhibited in the indices of recreation and culture (117.7 to 122.6), housing, water, electricity, gas, and other fuels (121.4 to 125.9), transport (103.9 to 107.2), clothing and footwear (126.5 to 130.2), restaurant and miscellaneous goods and services (123.2 to 126.7), furnishings, household equipment and routine maintenance of the house (116.5 to 119.8), food and non-alcoholic beverages (117.4 to 118.1), and communication (101.4 to 101.8).
In contrast, an annual decline of 7.0 percent was observed in the index of education.
The index of housing, water, electricity, gas, and other fuels registered the highest increase of 1.2 percent among all the commodity groups in terms of the month-on-month comparison (124.2 to 125.9). Monthly increments of 0.6 percent were also noted in the index of recreation and culture (121.9 to 122.6), 0.6 percent in transport (106.6 to 107.2), and 0.1 percent in alcoholic beverages and tobacco (171.2 to 171.3).
On the other hand, the index of health decelerated by 0.2 percent (127.4 to 127.2).
No changes were observed in the indices of the other commodity groups. With these changes on the price indices, the purchasing power of peso in Davao del Norte remained at 0.83.
Consumer Price Index (CPI)
An indicator of the change in the average retail prices of a fixed basket of goods and services commonly purchased by households relative to a base year.
Components of the CPI
A sample of the the variety of goods and services commonly consumed by an average Filipino household to represent the price behavior of all goods and services brought by consumer.
A value attached to a commodity or group of commodities depending on the magnitude of its contribution to the index.
A reference date at which the index is equal to 100. Base year is 2012.
Establishments where prices of commodities are quoted.
The Philippines by region and province and for NCR.
Laspeyre’s formula: fixed base year and weights.
The annual rate of change or the year-on-year changes in the average retail prices expressed in percent.
Purchasing Power of the Peso (PPP)
The measure of how much the peso in the base period is worth in the current period.
PEPITO D. AMOYEN
Chief Statistical Specialist