City of Puerto Princesa

The headline inflation in the City of Puerto Princesa for August 2023 accelerated at 3.3 percent from 2.9 percent in July 2023. In August 2022, the headline inflation was higher, at 9.2 percent. The average inflation rate for the first eight (8) months of the year stood at 4.9 percent, (Table A and Figure 1).

The acceleration for the overall inflation of the city can be mainly attributed to the higher annual increment of Transport at 1.9 percent, from -3.8 percent in the previous month. This was followed by, Housing, Water, Electricity, Gas and Other Fuels at 0.9 percent, from 0.7 percent. Also contributing to the uptrend is the index of Education Services which accelerated to 0.4 percent, from 0.0 percent in July 2023.

Furthermore, higher indices were also observed in the following commodities:

a.    Health, 2.7 percent;
b.    Alcoholic Beverages and Tobacco, 13.0 percent; and
c.    Recreation, Sport and Culture, 8.7 percent.
On the contrary, commodities that slowed down for the month of August are the following:
a.    Food and Non-Alcoholic Beverages, 2.4 percent;
b.    Clothing and Footwear, 5.7 percent;
c.    Personal Care, and Miscellaneous Good and Services, 6.3 percent;
d.    Information and Communication, -1.0 percent; and
e.    Furnishings,    Household    Equipment    and    Routing    Household Maintenance, 6.7 percent.

Meanwhile,    Restaurants    and    Accommodation    Services    and    Financial Services retained their previous month’s inflation rates at 11.2 percent and
0.0 percent, respectively.
 

Food inflation in August 2023 further decelerated to 1.8 percent from 2.1
percent in the previous month. In August 2022, the food index was higher at
14.4 percent inflation rate, (Table C).

The main drivers for the downtrend in food inflation were Rice at -3.6 percent, from -1.0 percent in July 2023. This was followed by Sugar, Confectionery and Desserts at 9.8 percent from 18.1 percent. The third main driver is Flour, Bread, And Other Bakery Products, Pasta Products and Other Cereals at 5.3 percent from 8.8 percent in the previous month. Furthermore, lower indices were also observed in the following commodities:

a.    Meat and Other Parts of Slaughtered Land Animals, -1.4 percent;
b.    Milk, other Dairy Products and Eggs, 6.8 percent;
c.    Ready-made Food and Other Food Products n.e.c., 3.4 percent;
d.    Fruits and Nuts, 3.2 percent; and
e.    Oils and Fats, -3.5 percent.

Meanwhile, the higher upticks were observed in the following commodities:

a.    Fish and Other Seafood, -0.1 percent;
b.    Vegetables, Tubers, Plantains, Cooking Bananas and Pulses, 15.7
percent; and
c.    Corn, 3.6 percent.