The Consumer Price Index (CPI) in Misamis Occidental for the month of August 2022 registered at 118.3, which implies that the same basket of goods and services worth 100 pesos in 2018 has increased by 18.3 percent in August 2022. 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. In comparison to the CPI recorded in the months of July and August of the previous year, it has increased from 110.9 to 117.5 in July 2022 and 110.6 to 118.3 in August 2022. (Figure 1)
Among the commodity groups, Alcoholic Beverages and Tobacco posted the highest CPI in August 2022 at 156.9, followed by Financial Services at 146.0 and Transport at 137.6. On the other hand, Clothing and Footwear at 109.3, Education Services at 105.1 and Recreation, Sport, and Culture at 103.3 remained the bottom three commodity groups with the lowest CPI recorded in the month of August 2022. (Figure 2)
August 2022 Inflation Rate (IR) in the Province Accelerates
Provincial inflation in August 2022 inched up to 7.0 from 6.0 percent in July 2022. On the other hand, the year-on-year provincial inflation increased from 5.2 percent in August 2021. This has been the highest recorded inflation rate since June 2021. (Figure 3)
Purchasing Power of Peso (PPP)
The Purchasing Power of Peso (PPP) shows the real value of peso relative to the base period. The PPP in Misamis Occidental dropped to PhP 0.85 in August 2022 from 0.90 in August 2021 but remained the same compared to the previous month. This means that a consumer’s PhP 100.00 in 2018 can only purchase PhP 85.00 worth of goods and services in August 2022. (Figure 4)
(Sgd.) MARIA LIZA M. BIGORNIA
Chief Statistical Specialist
