GUIMARAS – Food inflation in this island province contracted to 7.3 percent in December 2023 from 10.1 percent in the previous month – much lower than the 11.8 percent food inflation recorded in December 2022.
Based on the latest price statistics released by the Philippines Statistics Authority (PSA), the deceleration of food inflation in December last year was primarily influenced by the annual decrease in fish and other seafood at 3.9 percent during the month, from 8.0 percent in November 2023, giving a 34.6 percent share to food inflation.
Also contributing to the downtrend of food inflation were slower increases observed in meat and other parts of slaughtered land animals at 12.5 percent in December 2023 from 18.0 percent in November 2023 with 27.3 percent share to the December food inflation, and vegetables, tubers, plantains, cooking bananas and pulses at -5.1 from 1.5 percent in the previous month with 18.0 percent share.
Moreover, inflation rates in the indices of the following food items were slower during the month:
* Fruits and nuts, 2.6 percent from 10.3 percent;
* Milk, and other dairy products and eggs, 7.0 percent from 8.3 percent;
* Ready-made food and other food products n.e.c., 11.8 percent from 13.8 percent;
* Sugar, confectionery, and desserts, -5.7 percent from -5.0 percent; and
* Oils and fats, 3.0 percent from 3.2 percent
In addition, faster annual declines were recorded in the indices of cereals and cereal products at 14.6 percent during the month from a decrement of 13.1 in the previous month.
The food groups with the highest contribution to food inflation in December 2023 were the following:
* Cereals and cereal products, with 64.5 percent share or 4.71 percentage points;
* Meat and other parts of slaughtered land animals with 18.9 percent share or 1.38 percentage points; and
* Fish and other seafood with 10.0 percent share or 0.73 percentage point/PN
