Cordillera’s inflation rate hit 7.7% in December 2022, highest in 14 years

Baguio City, Philippines – Cordillera hit its highest inflation rate in more than 14 years last month as prices of consumer goods and services remain elevated.

In December 2022, consumer prices jumped 7.7 percent, faster than the 7.6 percent in November 2022 and 4.4 percent in December 2021.

This is the highest rate since November 2008, according to the regional statistics authority.

Last month, Apayao logged the highest inflation at 10.5 percent, Mt. Province at 10.3 percent, Kalinga at 9.7 percent, Abra at 8.7 percent, Benguet at 7.7 percent, Baguio at 6.5 percent, and Ifugao at 5.4 percent.

Higher inflation during the period was primarily brought about by the faster year-on-year growth rate in the index of food and non-alcoholic beverages at 10.2 percent, from 9.0 percent in November 2022, the statistics agency explained.

This was followed by the index of health whose inflation rate accelerated to 4.1 percent, from 3.7 percent in November 2022; and furnishings, household equipment, and routine household maintenance with an inflation rate of 3.5 percent in December 2022, from 3.2 percent inflation in the previous month, it added.

Agricultural products further increased, affecting the farmers.

On average, inflation in the region went up to 6.4 percent in 2022, from 3.9 percent in 2021.

Philippine Statistics Authority – Cordillera hopes that their regular updates will help the government to come up with strategies to address the inflation.

“Hopefully, with our regular reporting ng ating mga price statistics ay matulungan ang ating mga government agencies para magkaroon ng programa na ma-counter yung pagtaas yung mga presyo ng mga bilihin,” expressed Aldrin Federico Bahit Jr., the Chief Statistical Specialist of PSA-CAR.

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