INFLATION rate in Cordillera Region slowed down to 2 percent in August this year compared to last year with 4.1 percent according to the Philippine Statistics Authority (PSA).
Among the six provinces, Mountain Province and Ifugao posted the highest inflation rate in August at 4.8 percent and 4.1 percent, respectively, followed by Abra at 3 percent and Apayao at 2.8% percent, while Benguet incurred the least inflation with 0.3 percent.
PSA-CAR added inflation surpassed the August 2018 rate for the provinces of Ifugao and Mountain Province while other provinces had lower inflation rates in August 2019.
Alcoholic beverages and tobacco remained to have the highest inflation in August this year among other commodities in the region with 8.5 percent, followed by education with 5.1 percent and health with 4.8 percent.
Inflation 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.
Meanwhile, value of the peso in the region was 84 centavos in August 2019. It dropped by two centavos from 86 centavos in August 2018.
“One peso in 2012 is worth 84 centavos in August 2019. In other words, a basket of goods that can be bought with 100 pesos in December2012 is worth 119.0 pesos in August 2019,” PSA added.
The Purchasing Power of the Peso (PPP) in all the provinces generally weakened in August 2019 compared to the same month of the previous year.
Consumer Price Index (CPI), known as the general measure of the change in the average retail prices of a market basket, of the Cordillera Administrative Region (CAR) in August 2019 was 119.0. This was higher by 2.3 index points from the 116.7 CPI of August 2018 using 2012 as base year.
Among the commodity groups, alcoholic beverages and tobacco had the highest CPI with 221.6. The province of Apayao incurred the highest CPI with 350.5, followed by Abra, Kalinga, and Ifugao at 279.2, 263.5, and 216.4, respectively.