“Cordillera records 2023 lowest inflation rate in December” – PSA Cordillera

Tabuk City, Kalinga – The Cordillera region recorded its lowest inflation rate for 2023 in December.

This was reported by the Philippine Statistics Authority on Friday, January 26.

Compared to the overall inflation rate of the region in November, the percentage of inflation in December is 0.5 percent lower.

During the same period in 2022, PSA-Cordillera reported a 7.7% inflation rate.

As defined by the International Monetary Fund, inflation is the rate of increase in prices over a given period.

Per province, Abra had a 1.8 percent inflation rate, down from 1.9 percent in November. Apayao had 6.3 percent, up from 4.3 percent; Benguet had 3.5 percent, down from 4.5 percent; Baguio City had 2.1 percent, down from 3.0 percent; Ifugao had 6.8 percent, up from 6.5 percent; Kalinga had 0.7 percent for both months, and Mt. Province had 0.5 percent, down from 1.3 percent.

Regarding the main drivers of the downtrend in the inflation rate, food and alcoholic beverages accounted for a 96.6 percent share, 0.9 percent for alcoholic beverages and tobacco, and 0.6 percent for personal care and miscellaneous goods and services.

Meanwhile, for the purchasing power of the peso in the region, the agency stated it is 81 centavos.

“This means that the value of P1.00 during the 2018 base year had an equivalent value of 81 centavos in December 2023,” PSA-Cordillera explained.