Inflation rate in Eastern Visayas escalates to 4.0% in October 2021

By PSA-8
November 25, 2021

TACLOBAN CITY – Inflation Rate (IR) in Eastern Visayas escalated further to 4.0 percent in October 2021. This IR is 0.3 percentage point higher compared with the 3.7 percent IR in September 2021. This October IR of the region is also 2.1 percentage points higher than the recorded 1.9 percent IR in the same period last year.

In comparison with the national average IR, the regional IR is lower by 0.6 percentage point than the 4.6 percent national IR in October 2021.

Among the provinces, Samar posted the highest IR at 6.4 percent in October 2021. Eastern Samar’s IR came next at 5.1 percent, then Biliran at 4.9 percent. The lowest IR was noted in Leyte at 2.9 percent. The provinces of Samar, Northern Samar, Leyte, and Southern Leyte exhibited higher IRs in October 2021 compared with their figures in September 2021.

Samar, Northern Samar, and Leyte all recorded 0.5 percentage point growth registering IRs at 6.4 percent, 3.8 percent, and 2.9 percent, respectively, in October 2021. IR in Southern Leyte inched up by 0.2 percentage point pushing its IR to 3.5 percent in October 2021. On the other hand, Biliran recorded a 0.4 percentage point decrease, bringing its IR down to 4.9 percent in October 2021 from 5.3 percent in September 2021. Eastern Samar’s IR eased by 0.1 percentage point, settling at 5.1 percent in October 2021.

The 0.3 percentage point increase in IR of the region was brought about by IRs of the transport commodity group and food and non-alcoholic beverages commodity group, which posted increases of 1.2 percentage points and 0.7 percentage point from their IRs in September 2021, registering 7.6 percent and 4.0 percent IRs in October 2021. The commodity groups of clothing and footwear; recreation and culture; restaurant and miscellaneous goods and services; health; and communication retained their September 2021 IRs of 1.6 percent, 1.5 percent, 1.2 percent, 1.1 percent and 0.9 percent, respectively. All other commodity groups showed declines in IRs.

The transport commodity group posted the highest IR in October 2021 at 7.6 percent. This was followed by IRs of housing, water, electricity, gas, and other fuels commodity group (6.6%), and alcoholic beverages and tobacco commodity group (6.3%). All the other commodity groups have IRs equal or lower than the IR for all items recorded at 4.0 percent.

The furnishings, household equipment, and routine maintenance of the house commodity group registered the biggest decrease in IR by 0.6 percentage points. Its IR settled at 0.8 percent in October 2021 from its 1.4 percent in September 2021. This can be traced to lower IRs in the indices of household appliances (0.4%); tools and equipment for house and garden (0.5%); goods and services for routine household maintenance (1.0%); glassware, tableware, and household utensils (1.1%); and furniture and furnishings, carpets and other floor covering (0.5%).

The IR for the alcoholic beverages and tobacco commodity group managed to shed off 0.4 percentage point from its 6.7 percent IR in September 2021, registering 6.3 percent IR in October 2021. Compared with their September 2021 levels, IRs for housing, water, electricity, gas, and other fuels (6.6%) and education commodity group (0.1%) both declined by 0.1 percentage point in October 2021.

On the other hand, transport commodity group’s IR increased to 7.6 percent in October 2021 from 6.4 percent in September 2021, recording a growth of 1.2 percentage points. This faster pace in IR was brought about by the higher double-digit IR in the index of operation of personal transport equipment at 22.2 percent.

Food and non-alcoholic beverages commodity group registered a 0.7 percentage point increase in IR, from 3.3 percent in September 2021 to 4.0 percent in October 2021. Higher IRs were noted in majority of the items under this commodity group. Fish index registered the highest increase of 2.2 percentage points, from 9.4 percent IR in September 2021 to a double-digit IR of 11.6 percent IR in October 2021. Meat index continued to register a double-digit IR at a faster rate of 11.6 percent in October 2021. Prices for vegetables picked-up posting double-digit IR of 10.7 IR in October 2021.

Faster price increases were also noted in the indices of fruits (4.9%) and non-alcoholic beverages (0.3%). The indices of rice, and bread and cereals continued to register deflations but at slower rates of 1.5 percent and 1.2 percent, respectively. On the other hand, slower IRs were exhibited in the indices of food products not elsewhere classified (3.7%); sugar, jam, honey, chocolate, and confectionery (1.8%); and oils and fats(1.6%). Corn index further deflated to 1.8 percent. Meanwhile, the index for milk, cheese, and eggs retained its previous month’s IR at 1.3 percent.

The Purchasing Power of Peso (PPP) of the region remained at P0.76 in October 2021. This PPP implies that the goods and services worth P76.00 in 2012 is now worth P100.00 in October 2021.

All provinces also retained their previous month’s PPP. Leyte recorded the strongest PPP at P0.79. Biliran ranked second at P0.78, followed by Southern Leyte at P0.77, Eastern Samar at P0.73, and Northern Samar at P0.71. Samar posted the weakest PPP during the reference month at P0.69.