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

Figure 1. Headline Inflation Rates in Benguet, 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 in Benguet, By Commodity Groups
In percent
(2018=100)

Table C. Year-on-Year Food Inflation in Benguet
In percent
(2018=100)

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

Benguet

Headline Inflation

The headline inflation or overall inflation of the province eased to -0.2 percent in October 2024 from 1.3 percent in September 2024. In October 2023, the inflation rate was higher at 5.5 percent. (Figure 1, and Tables A and B)

Main Drivers to the Downward Trend of the Headline Inflation

The downtrend in the overall inflation in October 2024 was primarily brought about by the slower annual increment of transport at -2.0 percent from 7.6 percent in the previous month. Also contributing to the downtrend was health with an annual drop of 5.3 percent during the month from a 9.7 percent annual increase in September 2024, and housing, water, electricity, gas and other fuels with 2.0 percent from 2.7 percent.

Lower annual increments were also noted in the indices of the following commodity groups during the month: 
a.    Information and communication, 0.1 percent from 0.4 percent; 
b.    Recreation, sport and culture, 1.1 percent from 1.3 percent; and
c.    Personal care, and miscellaneous goods and services, 2.8 percent from 3.2 percent.

On the contrary, the index of the following exhibited a higher annual increase during the month:
a.    Food and non-alcoholic beverages, -2.7 percent from -3.1 percent;
b.    Alcoholic beverages and tobacco, 3.3 percent from 3.2 percent; and
c.    Clothing and footwear, 0.4 percent from 0.2 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 October 2024 overall inflation were the following:
a.    Housing, water, electricity, gas and other fuels;
b.    Health; and
c.    Personal care, and miscellaneous goods and services.

Food Inflation

Food inflation at the provincial level increased to -3.0 percent in October 2024 from -3.4 percent in the previous month. In October 2023, food inflation was higher at 8.6 percent. (Table C)

Main Drivers to the Downward Trend of Food Inflation

The acceleration of food inflation in October 2024 was primarily brought about by vegetables, tubers, plantains, cooking bananas and pulses with -26.4 percent from -29.0 percent in the previous month. This was followed by meat and other parts of slaughtered land animals with 1.3 percent from 0.1 percent, and cereals and cereal products with 3.8 percent from 3.4 percent.
Moreover, higher inflation rates during the month were noted in the following food groups:

a.    Milk, other dairy products and eggs, 4.2 percent from 3.9 percent; 
b.    Oils and fats, -1.3 percent from -2.9 percent; 
c.    Ready-made food and other food products not elsewhere classified, 2.4 percent from 1.9 percent.

In contrast, the following commodity groups registered lower inflation rates during the month:
a.    Fish and other seafood, 1.0 percent from 1.3 percent;
b.    Fruits and nuts, -4.7 percent from 0.0 percent; and
c.    Sugar, confectionery and desserts, -2.1 percent from -1.4 percent.

Main Contributors to the Food Inflation

The top three food groups in terms of contribution to the food inflation during the month were the following:
a.    Vegetables, tubers, plantains, cooking bananas and pulses;
b.    Oils and fats; and
c.    Sugar, confectionery and desserts.
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