Table A. Year-on-Year Inflation Rates, All Items
In percent
(2018=100)

Figure 1. Inflation Rates in CAR, All Items
(2018=100)

_{Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index, Philippine Statistics Authority}

Figure 2. Inflation Rates in Baguio City, All Items
(2018=100)

_{Source: Retail Price Survey of Commodities for the Generation of Consumer Price Index, Philippine Statistics Authority}

Table B. Year-on-Year Inflation Rates in Baguio City
By Commodity Groups
In percent
(2018=100)

1.Philippines

The Philippines’ headline inflation or overall inflation increased to 3.8 percent in April 2024 from 3.7 percent in March 2024. This brings the national average inflation from January to April 2024 to 3.4 percent. In April 2023, inflation rate was higher at 6.6 percent.

Main Drivers to the Upward Trend of the Headline Inflation

The uptrend in the overall inflation in April 2024 was primarily influenced by the higher year-on-year increase in the heavily-weighted food and non-alcoholic beverages at 6.0 percent during the month from 5.6 percent in March 2024. The faster annual growth rate of the transport index at 2.6 percent in April 2024 from 2.1 percent in the previous month also contributed to the uptrend of the overall inflation.

In addition, higher inflation rate was also noted in information and communication at 0.5 percent during the month from 0.4 percent in March 2024. In contrast, the following commodity groups registered lower inflation rates during the month:
         a. Alcoholic beverages and tobacco, 4.9 percent from 6.7 percent;
         b. Housing, water, electricity, gas and other fuels, 0.4 percent from 0.5 percent;
         c. Furnishings, household equipment and routine household maintenance, 3.1 percent from 3.2 percent;
         d. Health, 3.0 percent from 3.2 percent;
         e. Recreation, sport and culture, 3.8 percent from 3.9 percent;
         f.  Restaurants and accommodation services, 5.4 percent from 5.6 percent; and
         g. Personal care, and miscellaneous goods and services, 3.5 percent from 3.6 percent.

The indices of the rest of the commodity groups retained their respective previous month’s annual rates.

Main Contributors to the Headline Inflation

The top three commodity groups contributing to the April 2024 overall inflation were the following:
         a. Food and non-alcoholic beverages with 59.7 percent share or 2.3 percentage points;
         b. Restaurants and accommodation services with 13.7 percent share or 0.5 percentage point; and
         c. Transport with 6.2 percent share or 0.2 percentage point.

Food Inflation

Food inflation at the national level rose to 6.3 percent in April 2024 from 5.7 percent in March 2024. In April 2023, food inflation was higher at 8.0 percent.

Main Drivers to the Upward Trend of Food Inflation

The acceleration of food inflation in April 2024 was mainly brought about by the year-on-year increase in the vegetables, tubers, plantains, cooking bananas and pulses index at 4.3 percent in April 2024 from 2.5 percent annual decline in the previous month. This was followed by fish and other seafood with an inflation rate of 0.4 percent during the month from an annual drop of 0.9 percent in March 2024. In addition, the index of ready-made food and other food products not elsewhere classified also contributed to the uptrend as it recorded a faster annual increase of 4.8 percent during the month from 4.3 percent in March 2024.

2. Cordillera Administrative Region (CAR)

Similar to the national trend, inflation in the region for all income households further increased to 4.6 percent in April 2024, from 4.0 percent in March 2024. In April 2023, inflation was lower at 4.3 percent. (Figure 1)

The main driver to the upward trend of the overall inflation for this income group in April 2024 was the higher year-on-year growth in the heavily-weighted housing, water, electricity, gas, and other fuels at 1.8 percent from 0.5 percent in the previous month. This was followed by food and non-alcoholic beverages which posted a higher annual increase of 6.9 percent during the month from 6.4 percent, and transport which registered 4.8 percent from 3.9 percent in the previous month. Higher annual increments was also noted in the indices furnishings, household equipment and routine household maintenance at 3.7 from 3.6 percent.
In contrast, lower annual growth rates were noted in the indices of the following:
a.    Alcoholic beverages and tobacco, 4.4 percent from 4.8 percent;
b.    Clothing and footwear; 1.8 percent from 1.9 percent;
c.    Health, 5.2 percent from 5.4 percent;
d.    Recreation, sports and culture, 1.6 percent from 1.9 percent; and
e.    Restaurants and accommodation services, 4.6 percent from 5.6 percent.
The indices of the rest of the commodity groups retained their respective previous month’s annual rates. 

Food Inflation

Food inflation for all income households at the regional level moved at a faster pace of 7.1 percent in April 2024 from 6.6 percent in the previous month. In April 2023, its annual increase was observed at 7.4 percent. 

Main Drivers to the Upward Trend of the Food Inflation

The uptrend in the food inflation was mainly due to the increase in vegetable, tubers, plantains, cooking bananas and pulses at 6.6 from
-1.0 percent, sugar, confectionery and desserts at -5.9 percent from -7.6 percent, and meat and other parts of slaughtered land animals at 0.8 percent from 0.6 percent.

3. Baguio City

Following the trend of the inflation at the national and regional level, inflation in Baguio City further increased to 4.2 percent in April 2024, from 3.6 percent in March 2024. In April 2023, inflation was lower at 3.4 percent. (Table B and Figure 2)

The main driver in the uptrend of inflation for all income households in April 2024 was housing, water, electricity, gas and other fuels at 2.9 percent, from 1.5 percent in the previous month. This was followed by transport at 2.1 percent from 1.7 percent, and food and non-alcoholic beverages restaurants and accommodation services at 5.4 percent, from the 5.3 percent in the previous month.  Moreover, the following also increased during the month:

a.    Alcoholic beverages and tobacco, 5.0 percent from 4.6 percent; 
b.    Furnishings, household equipment and routine household maintenance, 5.2 percent from 5.1 percent; and
c.    Personal care, and miscellaneous goods and services, 2.9 percent from 2.7 percent.

On the contrary, decreases were observed in the index of recreation, sport and culture at 0.8 percent from 1.1 percent, and  restaurants and accommodation services at 6.0 percent from 7.6 percent.

Meanwhile, no change recorded for the rest of the commodity groups.

Food Inflation

Food inflation for all income households at the provincial level moved at a faster pace of 5.7 percent in April 2024 from 5.5 percent in the previous month. In April 2023, its annual increase was observed at 9.6 percent. 

Main Drivers to the Upward Trend of the Food Inflation

The uptrend in the food inflation was mainly due to the increase in vegetable, tubers, plantains, cooking bananas and pulses at 6.0 percent from -0.9 percent, sugar, confectionery and desserts at -3.4 percent from -5.5 percent, and meat and other parts of slaughtered animals at 1.5 percent from 1.2 percent.

On the contrary, decreases were observed in the index of the following:
a.    Cereals and cereal products, 13.6 percent from 14.3 percent;
b.    Fish and other seafood, 4.1 percent from 5.9 percent;
c.    Milk, other dairy products and eggs, -0.5 percent from -1.2 percent; 
d.    Oils and fats, -2.7 percent from -2.4 percent; and
e.    Fruits and nuts, 9.1 percent from 15.6 percent.

Note: CPIs and inflation rates by region, province and selected city are posted at the PSA website (https://openstat.psa.gov.ph/).

IMELDA L. BUYUCCAN (SGD)
Chief Statistical Specialist

/SMBP