Figure 1: Consumer Price Index, All Items: Mountain Province and Cordillera Administrative Region, June 2023 - June 2024
(2018 = 100)

Consumer Price Index in Mountain Province increased to 129.3 percent

The Consumer Price Index for all items in Mountain Province was recorded at 129.3 index points this June 2024. It increased from the previous month's record at 128.7 index points. 

On a year-on-year basis, the CPI increased by 5.4 percentage points during the month from 123.9 percent in May 2023. The CPI in Mountain Province consistently remains above the Cordillera Administrative Region’s record settling at 124.1 percentage points.

The CPI of 129.3 percent in June 2024 means that using the year 2018 as the base year, there was an increase of 29.3 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, June 2023 - June 2024
(2018 = 100)

Inflation Rate in Mountain Province Increased to 4.4 Percent

The inflation rate in Mountain Province increased to 4.4 percent in June 2024, up by  0.7 percentage points from 3.7 percent in May 2024. In June 2023, the inflation rate was lower at 3.3 percent. The inflation rate of the province was lower compared to the overall inflation rate of the Region at 4.6 percent.

Commodity in Housing, Water, Electricity, Gas, and other Fuels is the Main Contributory to the upward trend of the June 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 3.5 percent from its 0.1 percent inflation rate in May 2024. Also, an increase in the inflation rates was noted in the following commodity groups during the month:

• Restaurants and Accomodation Services, 6.9 percent;

• Food and Non-Alcoholic Beverages, 7.9 percent;

• Clothing and Footwear, 4.1 percent;

• Education Services, 2.4 percent;

However, Health; Furnishing, Household Equipment and Routine Household Maintenance; Recreation, Sport and Culture; Transport and Personal Care, and Miscellaneous Goods and Services recorded a decrease in their inflation rates at, -3.4, -0.4, 0.2, 0.2, and 3.4 in that order.

Moreover, inflation rates of the commodity Financial Services remained at -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)

Purchasing Power of Peso (PPP) remains at 0.77

The PPP in Mountain Province decreased at 0.77 in June 2024 from the recorded PPP in May at 0.78. This means that a peso in 2018 was worth 77 centavos in June 2024. The PPP in June 2023 was at 0.81 (Figure 3).

Figure 3: Purchasing Power of Peso (PPP) by Month,
Mountain Province: June 2023 – June 2024
(2018=100)