Figure 1: Consumer Price Index, All Items: Mountain Province
and Cordillera Administrative Region, December 2023 - December 2024
(2018 = 100)
Consumer Price Index in Mountain Province increased to 133.3 percent
The Consumer Price Index for all items in Mountain Province was recorded at 133.3 index points this December 2024. It increased by 1.1 index points from the previous month's record at 132.2 index points.
On a year-on-year basis, the CPI increased by 6.6 percentage points during the month from 126.7 percent in December 2023. The CPI in Mountain Province consistently remains above the Cordillera Administrative Region’s record settling at 127.0 percentage points.
The CPI of 133.3 percent in December 2024 means that using the year 2018 as the base year, there was an increase of 33.3 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, December 2023 – December 2024
(2018 = 100)
Inflation Rate in Mountain Province increased to 5.2 percent
The inflation rate in Mountain Province increased to 5.2 percent in December 2024, recording an increase of 0.9 percentage points from 4.3 percent in November 2024. In December 2023, the inflation rate was lower at 0.5 percent. The inflation rate of the province is higher compared to the overall inflation rate of the Region at 3.3 percent.
Commodity on Food and Non-Alcoholic Beverages is the main contributory to the upward trend of the December 2024 Inflation Rate
The main contributory to the upward trend of the inflation rate base on weight of commodities was primarily due to the faster inflation of Food and Non-Alcoholic Beverages which increased to 8.1 percent from its 6.9 percent inflation rate in November 2024. Also, an increase in the inflation rates was noted in the following commodity groups during the month:
a. Housing, water, electricity, gas and other fuels 3.1 percent;
b. Clothing and Footwear, 3.1 percent
In contrast the commodities, Personal Care, and Miscellaneous Goods and Services; Restaurant and Accommodation Services; Transport; and Alcoholic Beverages and Tobacco recorded a decrease in their inflation rates at 3.7, 4.1, -1.4 and 4.0 respectively.
Meanwhile, inflation rates of the commodities Furnishings, Household Equipment and Routine Maintenance; Health; Recreation, Sport and Culture; Information and Communication; Education Services and Financial Services remained at 1.3, 0.7, 1.4, -0.2, 0.0 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: November 2024 – December 2024
(2018 = 100)
Purchasing Power of Peso (PPP) decreased to 0.75
The PPP in Mountain Province decreased to 0.75 in December 2024 from the recorded PPP in November 2024 at 0.76. This means that a peso in 2018 was worth 75 centavos in December 2024. The PPP in December 2023 was at 0.79 (Figure 3).
Figure 3: Purchasing Power of Peso (PPP) by Month,
Mountain Province: December 2023 – December 2024
(2018=100)
(SGD)
JERRY G. SANTOS
Chief Statistical Specialist
/MVB
TECHNICAL NOTES
Consumer Price Index (CPI) A single number used to measure changes in the average retail prices of a market basket or collection of goods and services commonly purchased by an average Filipino household. It shows how much on the average, prices of goods and services have increased or decreased from a particular reference period known as base year.
The CPI measures the changes in the price level of goods and services that most people buy for their day-to-day consumption relative to a base year (currently at year 2018)
The Purchasing Power of Peso (PPP) gives an indication of the real value of the peso (how much it is worth) in a given period relative to its value in a base period. Or it measures how much the peso in the reference year is worth in another year.
Inflation Rate (IR) is the rate of change in the average price level between two periods (year-on year/month-on-month as measured by the CPI).
Base Year (BY) is the reference point of the index number series, at which the index number is set to zero.
Market Basket (MB) is a sample of goods and services used to represent all goods and services produced or bought.
The monthly Consumers Price Index is computed based on the average retail prices of goods and services collected during the first week and mid-month of the reference month.
Retail Price - the actual price at which retailers sell a commodity on spot or earliest delivery, usually in small quantities for consumption and not for resale. It is confined to transactions on cash basis in the free market and excludes black-market prices and prices of commodities that are on sale as in summer sales, anniversary sales, Christmas sales, etc.
