Inflation Rate (IR) in Eastern Visayas slow down at 4.2 percent in May 2023

By PSA-8
June 7, 2023

TACLOBAN CITY – The Inflation Rate (IR) in Eastern Visayas continued to slow down at 4.2 percent in May 2023 from 4.7 percent in April 2023, the lowest since January 2022 (Table 2). The regional IR was lower than the 6.1 percent national IR in May 2023. The region’s average IR from January to May 2023 stood at 5.6 percent. In May 2022, the regional IR was higher at 6.3 percent than the rate during the reference period (Table 1).

Among the 13 commodity groups, the sustained downtrend of the regional IR during the month was primarily due to the lower annual increment recorded in the index for transport, which further deflated to -4.8 percent in May 2023, from -1.8 percent in April 2023. The heavily weighted food and non-alcoholic beverages also pulled down the IR with a lower IR at 6.9 percent in May 2023, from 7.3 percent in April 2023.

The third primary driver in the slowdown of the regional IR was housing, water, electricity, gas and other fuels which recorded a slower IR of 2.0 percent from 2.8 percent IR in April 2023.

In addition, lower IRs were noted in the following commodity groups:

a. Clothing and footwear, 1.8 percent from 2.1 percent;
b. Information and communication, 0.9 percent from 1.2 percent; and
c. Recreation, sport and culture, 2.0 percent from 2.3 percent.

On the other hand, IR for alcoholic beverages and tobacco increased to 8.9 percent in May 2023, from 6.2 percent in April 2023. Furnishings, household equipment and routine household maintenance also increased with an IR at 4.6 percent, from 4.5 percent in April 2023. IR for restaurants and accommodation services inched up to 6.1 percent during the month in review, from 6.0 percent in April 2023.

The rest of the commodity groups either retained their previous month’s IRs or had zero percent growths. The IR for food index also exhibited a downward movement to 6.9 percent in May 2023, from 7.5 percent in April 2023.

The IR for food in April 2022 was even lower at 6.1 percent than the May 2023 rate (Table 3).

The decreased IR for food index was primarily influenced by the decline in the IR for rice at 3.2 percent in May 2023, from 3.8 percent in April 2023. This was followed by vegetable, tubers, plantains, cooking bananas and pulses with an IR of 10.1 percent in May 2023, from 12.6 percent in April 2023. Meat and other parts of slaughtered land animals ranked third, recording 2.4 percent IR during the month, from 3.1 percent in the previous month.

Lower IRs were also noted in the following food groups during the month in review:

a. Fish and other seafood, 5.5 percent from 5.7 percent;
b. Sugar, confectionery and desserts, 31.9 percent from 32.9 percent;
c. Ready-made food and other food products not elsewhere classified (n.e.c.), 8.4 percent from 8.7 percent; and
d. Oils and fats, 11.9 percent from 12.4 percent.

On the other hand, milk, other dairy products and eggs; and fruits and nuts registered higher double-digit IRs during the month in review at 10.0 percent and 15.9 percent, respectively. The IR for corn and flour, bread and other bakery products, pasta products, and other cereals retained their previous month’s IRs at 4.3 percent and 13.4 percent, respectively.

Inflation Rate by Region

All regions exhibited lower IRs in May 2023 compared with their April 2023 IRs. Among the regions, Eastern Visayas’ IR at 4.2 percent ranked second lowest IR during the month. CAR recorded the lowest IR at 3.9 percent. Meanwhile, MIMAROPA registered the highest IR at 7.2 percent, followed by Western Visayas and Central Luzon at 7.1 percent and 6.7 percent, respectively (Figure 2 and Table 4).

Inflation Rate by Province

Relative to their IRs in April 2023, all provinces in Eastern Visayas recorded lower IRs in May 2023. Among the provinces, Eastern Samar posted the highest IR at 7.8 percent in May 2023. Northern Samar’s IR came next at 5.1 percent, followed by Samar at 4.7 percent; Leyte at 3.7 percent; and Southern Leyte at 2.5 percent. The lowest IR was noted in Biliran at 2.2 percent (Table 5).

Meanwhile, IR for Tacloban City, the lone Highly Urbanized City (HUC) in the region, decelerated further to 2.4 percent in May 2023, from its 2.8 percent IR last month (Table 5).