Figure 1: Consumer Price Index, All Items: Mountain Province and Cordillera Administrative Region, July 2023 - July 2024
(2018 = 100)
Consumer Price Index in Mountain Province increased to 130.2 percent
The Consumer Price Index for all items in Mountain Province was recorded at 130.2 index points this July 2024. It increased from the previous month's record at 129.3 index points.
On a year-on-year basis, the CPI increased by 6 percentage points during the month from 124.2 percent in July 2023. The CPI in Mountain Province consistently remains above the Cordillera Administrative Region’s record settling at 124.7 percentage points.
The CPI of 130.2 percent in July 2024 means that using the year 2018 as the base year, there was an increase of 30.2 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, July 2023 - July 2024
(2018 = 100)
Inflation Rate in Mountain Province Increased to 4.8 Percent
The inflation rate in Mountain Province increased to 4.8 percent in July 2024, up by 0.4 percentage points from 4.4 percent in June 2024. In June 2023, the inflation rate was lower at 3.6 percent. The inflation rate of the province was the same compared to the overall inflation rate of the Region at 4.8 percent.
Commodity in Transport is the Main Contributory to the upward trend of the July 2024 Inflation Rate
The main contributory to the upward trend of the inflation rate was primarily due to the faster inflation of Transport which increased to 2.4 percent from its 0.9 percent inflation rate in June 2024. Also, an increase in the inflation rates was noted in the following commodity groups during the month:
Restaurants and Accommodation Services, 7 percent;
Furnishing, Household Equipment and Routine Household Maintenance, -0.5 percent;
Alcoholic Beverages and Tobacco, 1.3 percent
However, Information and Communication; Health; Clothing and Footwear; Recreation, Sport and Culture; Housing, Water, Electricity, Gas, and Other Fuels and Food and Non-Alcoholic Beverages recorded a decrease in their inflation rates at, -0.2, -0.9, 4.4, 2, 2.7 and 7.2 in that order.
Moreover, inflation rates of the commodity Financial Services; Personal Care, and Miscellaneous Goods and Services and Education remained at -25, 3.6 and 2 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 | June 2024 | July 2024 |
|---|---|---|
All Items | 4.4 | 4.8 |
Food and Non-alcoholic Beverages | 6.6 | 7.2 |
Alcoholic Beverages and Tobacco | 0.2 | 1.3 |
Clothing and Footwear | 4.2 | 4.4 |
Housing, water, electricity, gas and other fuels | 2.3 | 2.7 |
Furnishings, Household Equipment and Routine Maintenance | -1.7 | -0.5 |
Health | -1.0 | -0.9 |
Transport | 0.9 | 2.4 |
Information and Communication | -0.1 | -0.2 |
Recreation, Sport and Culture | 1.7 | 2.0 |
Education Services | 2.0 | 2.0 |
Restaurant and Accommodation Services | 5.6 | 7.0 |
Financial Services | -25.0 | -25.0 |
Personal Care, and Miscellaneous Goods and Services | 3.6 | 3.6 |
Purchasing Power of Peso (PPP) remains at 0.77
The PPP in Mountain Province remains at 0.77 in July 2024 from the recorded PPP in June at 0.77. This means that a peso in 2018 was worth 77 centavos in July 2024. The PPP in July 2023 was at 0.81 (Figure 3).
Figure 3: Purchasing Power of Peso (PPP) by Month,
Mountain Province: July 2023 – July 2024
(2018=100)
