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

Consumer  Price  Index  in  Mountain  Province  increased  to  127.6 percent

The Consumer Price Index for all items in Mountain Province was recorded at 127.6 index points this March 2024. It increased from the previous month's record at 127.2 index points.

On a year-on-year basis, the CPI increased by 1.8 percentage points during the month from 125.8 percent in March 2023. The CPI in Mountain Province consistently remains above the Cordillera Administrative Regions' record settling at 123.7 percentage points.

The CPI of 127.6 percent in March 2024 means that using the year 2018 as base year, there was an increase of 27.6 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, March 2023 - March 2024
(2018 = 100)

Inflation Rate in Mountain Province Increased to 1.4 Percent

The inflation rate in Mountain Province increased to 1.4 percent in March 2024, up by 1.1 percentage points from 0.3 percent in February 2024. In March 2023, the inflation rate was higher at 8.3 percent. The inflation rate of the province was lower compared to the overall inflation rate of the Region at 4.0 percent.

Housing, Water, Electricity, Gas, and Other Fuels is the Main Contributory to the upward trend of the March 2024 Inflation Rate

The main source of the upward trend of the inflation rate was primarily due to the faster inflation of Housing, Water, Electricity, and Other Fuels which increased to -4.6 percent from its -6.9 percent inflation rate in February 2024. Also, an increase in the inflation rates was noted in the following commodity groups during the month:

•  Food and Non-Alcoholic Beverages, 3.7 percent
• Transport, -2.9 percent;
• Personal Care, and Miscellaneous Goods and Services, 3.1 percent; 

However,  Alcoholic  Beverages  and  Tobacco;  Recreation,  Sport  and  Culture, Restaurants   and   Accommodation   Services;   Health;   and   Information   and Communication recorded a decrease in their inflation rates at 2.6, 1.9, 4.4, and 0.0, in that order.

Moreover, inflation rates of the commodity groups Clothing and Footwear; Furnishing, Household Equipment and Routine Household Maintenance; Education Services; and Financial Services remained at 3.0, -2.2; 2.0; 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: February 2024 – March 2024
(2018 = 100)

Purchasing Power of Peso (PPP) declined to 0.78

The PPP in Mountain Province declined to 0.78 in March 2024 from the recorded PPP in February at 0.79. This means that a peso in 2018 was worth 78 centavos in March 2024. The PPP in March 2023 was at 0.79 (Figure 3).

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