Highlights of the Consumer Price Index in Northern Mindanao for the Month of February 2021 (2012=100)

Reference Number: 

PSAX-SR-2021-04

Release Date: 

Friday, March 19, 2021

The Consumer Price Index (CPI) in Northern Mindanao for the month of February 2021 registered at 131.6, which implies that the price of a basket of goods in February 2021 was 31.6 percent higher than its price in 2012.  The CPI is 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.  (Figure 1)

 

Among the commodity groups, Alcoholic Beverages and Tobacco posted the highest CPI in February 2021 at 253.8, followed by Housing, Water, Electricity, Gas, and Other Fuels at 145.5, and Restaurant and Miscellaneous Goods and Services at 133.9. On the other hand, Recreation and Culture at 114.3, Transport at 112.9, and Communication at 106.7 were the bottom three commodity groups with the lowest CPI recorded in the month of February 2021. (Figure 2)

All provinces demonstrated an increase in CPI for February 2021 with Misamis Occidental posting the highest CPI at 136.2 and Camiguin posting the lowest at 128.2.  (Table 1)

Table 1.  Consumer Price Index for All Commodity Groups by Province, Northern Mindanao: February, 2021 and 2020 (2012=100)

 

 

Regional inflation takes a faster pace in February 2021

Regional inflation in February 2021 registered at 3.7 percent, faster than the recorded inflation in the same quarter of the previous year. This means that prices of goods in February this year increased at a faster pace than the recorded rate of increase in February 2020.  (Figure 3)

 

Among the provinces, Misamis Occidental posted the highest inflation rate at 5.9 percent, while Bukidnon posted the lowest at 3.1 percent. (Table 2)

Table 2.  Year-on-Year Inflation Rates for All Items by Province, Northern Mindanao: February, 2021 and 2020 (2012=100)

 

PURCHASING POWER OF PESO (PPP)

The Purchasing Power of Peso (PPP) shows the real value of the peso relative to the base period. The PPP in Northern Mindanao dropped to PhP 0.76 in February 2021 from PhP 0.79 in February 2020. This means that a consumer’s Php 100 in 2012 can only purchase Php 76.0 worth of goods and services in February 2021.  

All provinces showed a lower PPP in February 2021 compared to February 2020. Misamis Occidental posted the highest decline of 0.05 pesos while Bukidnon registered the lowest decline of 0.02 pesos.  (Figure 4)

 

 

JANITH C. AVES, CE, DM

(Chief Statistical Specialist)

Officer-in-Charge

 

SBB/JVTS

 

 

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