Inflation rate in Kalinga decreased to 10.1% in February

Tabuk City, Kalinga – The inflation rate in Kalinga has declined from 11.4 percent in January 2023 to 10. 1 percent in February.

The figure, however, is still higher by 7.2 percent from the 2.9 recorded inflation rate in February 2022.

Inflation rate is derived from Consumer Price Index (CPI), an indicator of the change in the average retail prices of a fixed basket of goods and service commonly purchased by households. The increase or decrease in prices during a specified period is interpreted in terms of declining purchasing power of money.

In January 2023, the province was the second biggest contributor to the increased 7.9 percent inflation of Cordillera region, with 40.3 percent share.

The Philippine Statistics Authority – Cordillera, in a press release, said the slight decrease was driven by housing, water and electricity that dip down to 3.8 percent from 6.6 percent in the same period last year.

Meanwhile, the increment in transportation, restaurants and accommodation, alcohol and beverages, furnishings, household equipment and repair maintenance of the house, health, clothing and footwear, recreation, sport and culture, and personal care and miscellaneous contributed to the overall inflation during said period.

Financial services, and alcoholic beverages and tobacco retained their previous month's inflation rates.

This February 2023, the Purchasing Power of Peso (PPP), the measure of the real value of the peso, in Kalinga was valued at 0.80, 8 centavos lower than the PPP in February 2022, underscored the agency.

LISTEN TO STATION 1 RADIO: CLICK ME

OTHER NEWS 

Kalinga athletes to compete during prov'l sports meet on Apr 13-16

Follow Guru Press Cordillera  on Facebook for more News and Information