The CPI in Misamis Occidental for the month of May 2023 increased to 123.0 from 121.9 in the previous month. A CPI of 123.0 implies that the same basket of goods and services worth 100 pesos in 2018 had increased by 23 percent in May 2023. Compared to CPI recorded in the months of April and May 2022, it increased from 115.5 and 116.2 to 121.9 and 123.0 in April and May 2023, respectively. The Consumer Price Index (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 May 2023 at 166.5, followed by Financial Services at 146.0, and Restaurant and Accommodation Services at 134.4. On the other hand, Information and Communication at 110.5, Education Services at 105.1 and Recreation, Sport, and Culture at 103.8 were the bottom three commodity groups with the lowest CPI recorded in the month of May 2023. (Figure 2)

May 2023 Inflation Rate (IR) in the Province Accelerates to 5.9 percent

Provincial inflation in May 2023 rose to 5.9 percent ­­­­­-- that is 0.4 percentage point increase from 5.5 percent in April 2023. Furthermore, it had increased by 0.9 percentage point compared to 5.0 percent in May 2022. Inflation is the rate of increase in prices over a given period of time. (Figure 3) 

Purchasing Power of Peso (PPP) drops to PhP0.81 in May 2023

The Purchasing Power of Peso (PPP) shows the real value of peso relative to the base period. The PPP in Misamis Occidental in May 2023 dropped to 81 centavos from 82 centavos in the previous month. Moreover, it is lower by 5 centavos compared to 86 centavos last April 2022. A PPP of 81 centavos means that a consumer’s PhP100.00 in 2018 can only purchase PhP81.00 worth of goods and services in May 2023. (Figure 4)

Table 1. Consumer Price Index for All Commodity Groups, Misamis Occidental:

March and April 2023 (2018=100)

PREPARED BY:

SGD. MARK LESTHER P. PATIC
Statistical Analyst (COSW)

APPROVED BY:

SGD. JULIETA M. NACARIO
Supervising Statistical Specialist
Officer-in-Charge
Provincial Statistical Office - Misamis Occidental