GUIMARAS – The inflation rate in this province slowed to 6.2 percent in June from 7.0 percent in May this year, bringing the provincial average inflation from January to May to 6.3 percent, latest price data from the Philippines Statistics Authority (PSA) showed.
“The downtrend in the overall inflation in June 2024 was primarily influenced by the gradual year-on-year decrease in the heavily weighted Food and Non-Alcoholic Beverages at 9.4 percent during the month, from 11.1 percent in May 2024, drove by the slower price movement on Cereals and cereal products specifically on rice with an inflation of 26.7 percent in June 2024 from 31.6 percent a month ago,” Provincial Statistics Officer Nelida B. Losare said.
She added: “The sluggish annual growth rate of the Furnishings, Household Equipment and Routine Household Maintenance index at 2.7 percent in June 2024 from 3.8 percent in the previous month pushed by the slow-moving price on Goods and Services for Routine Household Maintenance with 3.6 percent inflation, also contributed to the downtrend of the overall inflation.”
Losare further said that the Alcoholic Beverages and Tobacco, with 5.4 percent inflation in June from 5.9 percent in May, also showed a significant share to 6.3 headline inflation of the province.
In addition, dwindling inflation rates in Personal Care and Miscellaneous Goods and Services (3.0% to 2.7%), Clothing and Footwear (2.1% to 1.8%), Health (7.5% to 7.2%), Information and Communication (0.2% to 0.0%), and Recreation, Sport and Culture (11.0% to 10.6%) from May to June this year were noted during the month.
In contrast, only the commodity groups of Housing, Water, Electricity, Gas, and Other Fuels and Transport showed faster inflation rates in June, with 1.7 and 3.8 percent from 1.1 and 3.6 percent in May 2024.
Meanwhile, the top three commodity groups contributing to the June 2024 overall inflation rates were Food and non-alcoholic beverages, with 76.7 percent share added 4.76 percentage points; Housing, Water, Electricity, Gas, and Other Fuels, with 4.4 percent share chipped in 0.27 percentage points; and Transport with 4.3 percent share contributed 0.27 percentage point.
Losare also highlighted that core inflation, which excludes selected food and energy items, increased to 3.5 percent in June 2024 from 3.8 percent in the previous month. In June 2023, core inflation was higher at 5.3 percent.
“Inflation rate is the rate of change in the consumer price index (CPI) derived by computing the indices relative to the same period in the previous year or month. Currently, Guimaras Province posted a 132.0 CPI, indicating that a typical Guimarasnon household needs P1,320 in June 2024 to purchase a basket of goods and services worth P1,000 in 2018,” Losare clarified.
She added that the Purchasing Power of the Peso (PPP) in Guimaras remains constant at 0.76 in June 2024. This indicates that one peso in 2018 is now worth 0.76 centavos, recording a devaluation 0.04 % from 0.80 PPP June 2023.”/PN
