THE average increase in the prices of goods and services in the region slowed down in May.
Philippine Statistics Authority (PSA) in Cordillera recorded a 2.3 percent inflation rate in May 2019, 1.5 percent lower compared to the 3.8 percent rate in May 2018.
Apayao and Ifugao posted the highest inflation rate in May at 5.6 percent each, followed by Abra at 4.7 percent, and Kalinga at 3.9 percent. Mountain Province remained to the lowest with 1.0 percent.
Alcoholic beverages and tobacco remained to have the highest inflation in May 2019 among other commodities in the region with 14.6%, followed by health and recreation and culture with 7.7 percent and 4.6 percent, respectively.
Only education incurred a negative inflation rate of 1.3 percent.
PSA added inflation rate of the heavily-weighted food and non-alcoholic beverages in the region decreased from the April 2019 rate of 1.3 to the 1.0 of May 2019.
Inflation rate is the rate of change in the average price level between two periods year on year/month-on-month as measured by the Consumer Price Index which is a general measure of the change in the average retail prices of a market basket or collection of goods and services commonly purchased by the average Filipino household.
Meanwhile, value of the peso in the region has dropped from 87 to 85 centavos in May this year.
“This means that one peso in 2012 is worth 85 centavos in May 2019. In other words, a basket of goods that can be bought with 100 pesos in December 2012 is worth 117.4 pesos in May 2019,” the PSA said.
PSA added Purchasing Power of Peso (PPP) in all the provinces generally weakened in May 2019 compared to the same month of the previous year.
Mountain Province had the highest peso value at 89 centavos, followed by Abra and Ifugao with 85 centavo-peso value each. Apayao and Kalinga both had the lowest peso value at 82 centavo.