Figure 1: Consumer Price Index, All Items: Mountain Province and Cordillera Administrative Region, May 2023 - May 2024
(2018 = 100)
Consumer Price Index in Mountain Province increased to 128.7 percent
The Consumer Price Index for all items in Mountain Province was recorded at 128.7 index points this May 2024. It increased from the previous month's record at 127.8 index points.
On a year-on-year basis, the CPI increased by 4.6 percentage points during the month from 124.1 percent in May 2023. The CPI in Mountain Province consistently remains above the Cordillera Administrative Region’s record settling at 123.9 percentage points.
The CPI of 128.7 percent in May 2024 means that using the year 2018 as the base year, there was an increase of 28.7 index points on the average retail prices of a fixed basket of goods and services commonly purchased by households in the province (Figure 1).
Figure 2: Inflation Rates in Mountain Province and Cordillera Administrative Region,
All Items, May 2023 - May 2024
(2018 = 100)
Inflation Rate in Mountain Province Increased to 3.7 Percent
The inflation rate in Mountain Province increased to 3.7 percent in May 2024, up by 1.9 percentage points from 1.8 percent in April 2024. In May 2023, the inflation rate was higher at 4.5 percent. The inflation rate of the province was lower compared to the overall inflation rate of the Region at 4.4 percent.
Housing, Water, Electricity, Gas, and other Fuels is the Main Contributory to the upward trend of the May 2024 Inflation Rate
The main contributory to the upward trend of the inflation rate was primarily due to the faster inflation of Housing, Water, Electricity, Gas, and Other Fuels which increased to 0.1 percent from its -3.7 percent inflation rate in April 2024. Also, an increase in the inflation rates was noted in the following commodity groups during the month:
Food and Non-Alcoholic Beverages, 6.3 percent;
Transport, 0.8 percent;
Health, -0.4 percent
Personal Care, and Miscellaneous Goods and Services, 3.9 percent;
However, Alcoholic Beverages and Tobacco; Furnishing, Household Equipment and Routine Household Maintenance; Recreation, Sport and Culture recorded a decrease in their inflation rates at 0.5, -2.0, and 2 in that order.
Moreover, inflation rates of the commodity Information and Communication,Clothing and Footwear, Education Services and Financial Services remained at, -0.1 percent; 3.1 oercent;2 percent; and -25 percent respectively when compared to their previous months’ data (Table 1).
Table 1: Inflation Rate for All Income Households by Commodity Group,
Mountain Province: March 2024 – Apr 2024
(2018 = 100)
Commodity Group | April 2024 | May 2024 |
|---|---|---|
All Items | 1.8 | 3.7 |
Food and Non-alcoholic Beverages | 4.2 | 6.3 |
Alcoholic Beverages and Tobacco | 1.4 | 0.5 |
Clothing and Footwear | 3.1 | 3.1 |
Housing, water, electricity, gas and other fuels | -3.7 | 0.1 |
Furnishings, Household Equipment and Routine Maintenance | -2.1 | -2.0 |
Health | 0.6 | -0.4 |
Transport | -1.3 | 0.8 |
Information and Communication | -0.1 | -0.1 |
Recreation, Sport and Culture | 1.7 | 2.0 |
Education Services | 2.0 | 2.0 |
Restaurant and Accommodation Services | 4.4 | 4.9 |
Financial Services | -25.0 | -25.0 |
Personal Care, and Miscellaneous Goods and Services | 3 | 3.9 |
Purchasing Power of Peso (PPP) remains at 0.78
The PPP in Mountain Province remained at 0.78 in May 2024 from the recorded PPP in April at 0.78. This means that a peso in 2018 was worth 78 centavos in May 2024. The PPP in May 2023 was at 0.81 (Figure 3).
Figure 3: Purchasing Power of Peso (PPP) by Month,
Mountain Province: May 2023 – May 2024
(2018=100)
