An increase in the Consumer Price Index (CPI) for all items in the Caraga Region has been recorded last month, the Philippine Statistics Authority – Caraga (PSA-13) said Thursday.
PSA-13 Director Rosalinda Apura said Caraga registered 115.9 index points in May, or a 5.6 index points increase compared to the 110.3 CPI in the same month in 2021.
“This shows that the average retail prices of commodities in the market basket were higher by 15.9 percent compared to its prices in 2018, the reference base year,” Apura said in a statement.
She added that all commodity groups in the region, except for education and financial services, have posted increases in CPI last month compared to the same period last year.
Among the commodity groups with high CPIs last month, alcoholic beverages and tobacco showed an upsurge in the region registering 152.4 index points, followed by financial services with 144.8 index points.
“The inflation rate for all items in the region was recorded at 5.1 percent in May 2022,” Apura said.
The inflation rate increase, she added, also indicated a 5.1 percent surge in the average prices of goods and commodities in Caraga compared to May 2021.
Transport, among the commodity groups, recorded the highest inflation rate in May this year, with 13.1 percent, while the education services and financial services logged the lowest inflation rate in the region.
CPI, Apura said, is an indicator of the change in the average retail prices of a fixed basket of goods and services commonly purchased by an average Filipino household.
It also shows how on average, prices of goods and services have increased or decreased from a particular reference period known as the base year, she added.
Source: Philippines News Agency
