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

Consumer Price Index in Mountain Province increased to 131.5 percent

The Consumer Price Index for all items in Mountain Province was recorded at 131.5 index points this October 2024. It increased by 1.2 index points from the previous month's record at 130.3 index points. 

On a year-on-year basis, the CPI increased by 5.1 percentage points during the month from 126.4 percent in October 2023. The CPI in Mountain Province consistently remains above the Cordillera Administrative Region’s record settling at 125 percentage points.

The CPI of 131.5 percent in October 2024 means that using the year 2018 as the base year, there was an increase of 31.5 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, October 2023 – October 2024
(2018 = 100)

Inflation Rate in Mountain Province increased to 4.0 percent

The inflation rate in Mountain Province increased to 4.0 percent in October 2024, recording an increase of 0.9 percentage points from 3.1 percent in September 2024. In October 2023, the inflation rate was lower at 1.4 percent. The inflation rate of the province is higher compared to the overall inflation rate of the Region at 1.4 percent.

Commodity on Food and Non-Alcoholic Beverages is the main contributory to the upward trend of the October 2024 Inflation Rate

The main contributory to the upward trend of the inflation rate were primarily due to the faster inflation of Food and Non-Alcoholic Beverages which increased to 6.2 percent from its 4.1 percent inflation rate in September 2024. Also, an increase in the inflation rates was noted in the following commodity groups during the month:

• Restaurants and Accommodation Services,  2.2 percent;
• Recreation, Sport and Culture; 1.7 percent
• Health, 0.5 percent
• Furnishing Household Equipment and Routine Household Maintenance, 0.7 percent

In contrast the commodities, Transport; Alcoholic Beverages and Tobacco; and Housing, Water, Electricity, Gas, and other Fuels recorded a decrease in their inflation rates at -5.1, 1.8 and 3.4 respectively.

Meanwhile, inflation rates of the commodities Clothing and Footwear; Information and Communication; Education Services; Financial Services; and Personal Care, and Miscellaneous Goods and Services remained at 4.1, -0.2, 0, -25.0 and 4.8 percent respectively when compared to their previous months’ data (Table 1).

Table 1: Inflation Rate for All Income Households by Commodity Group,
Mountain Province: September 2024 – October 2024 
(2018 = 100)

Purchasing Power of Peso (PPP) decreased to 0.76

The PPP in Mountain Province decreased to 0.76 in October 2024 from the recorded PPP in September 2024 at 0.77. This means that a peso in 2018 was worth 76 centavos in October 2024. The PPP in October 2023 was at 0.79 (Figure 3).

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