WV inflation accelerates to 4.9% in April 2022

Inflation rate, or the increase in prices of basic goods, in Western Visayas increased to 4.9 percent in April 2022, from 4.6 percent in March 2022.

This is the highest inflation since January 2019.

Inflation in April 2021 was lower at 3.9 percent. The average inflation rate for the first four months of the year was recorded at 4.3 percent. (Table A and Figure 1)

The increase in the region’s inflation was mainly influenced by the higher annual increase in the index for transport at 10.4 percent; housing, water, electricity, gas and other fuels,
3.6 percent; and alcoholic beverages and tobacco, 7.8 percent. Also contributing to the uptrend in the overall inflation during the period were the higher growth in the indices of the following commodity groups compared with their inflation rates in the previous month:

1. Information and communication, 1.1 percent;
2. Personal care and miscellaneous goods and services, 2.9 percent;
3. Furnishings, household equipment and routine maintenance of the house, 2.4 percent.

Meanwhile, annual growth slowed down in the indices of Recreation, sports and culture at
3.2 percent and Restaurants and accommodation services at 4.2 percent.

The rest of the commodity groups either retained their previous month’s inflation rates or
had zero percent annual growths. (Table B)

Food index in Western Visayas decelerated to 5.6 percent in April 2022, from 5.7 percent annual growth in the previous month. In April 2021, food index was lower at 1.0 percent. (Table C)

The decrease in the food index was influenced by the cereals and cereal products index,
3.2 percent in April from 3.4 percent in March; meat and other parts of slaughtered land animals index which went down to 10.2 percent during the period, from 10.5 percent in the previous month; and fish and other seafood index which decreased to 4.5 percent during the period from 6.4 percent in the previous month.

The following food groups exhibited higher annual increments during the month:

1. Milk, other dairy products and eggs, 1.3 percent;
2. Oils and fats, 6.7 percent;
3. Fruits and nuts, 7.1 percent;
4. Vegetables, tuber, plantains, cooking bananas and pulses, 12.1 percent;
5. Sugar, confectionery and dessert, 8.6; and
6. Ready-made food and other food products not elsewhere classified, 3.3 percent.

BY PROVINCE

In comparison with their annual growth rates in March 2022, five provinces in Western Visayas registered higher inflation rates in April 2022, while Iloilo recorded similar growth rate of
1.9 percent. Negros Occidental registered the highest inflation of 7.7 percent, while Iloilo had the lowest at 1.9 percent. The two highly urbanized cities in the region had similar inflation rates of 4.6 percent during the period, accelerating from 4.3 percent in March 2022. (Table D)