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

Figure 1. Headline 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 in Baguio City, By Commodity Groups
In percent
(2018=100)

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

Baguio City

Headline Inflation

The headline inflation or overall inflation of the city eased to 1.5 percent in September 2024 from 2.9 percent in August 2024. In September 2023, the inflation rate was higher at 5.2 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 September 2024 was primarily brought about by the slower annual increment of food and non-alcoholic beverages at -1.8 percent in September 2024 from 1.5 percent in the previous month. Also contributing to the downtrend was education services with an annual drop of 0.0 percent during the month from a 13.1 percent annual increase in August 2024, and restaurants and accommodation with 4.7 percent from 5.4 percent.
Lower annual increment was also noted in the index of information and communication at 0.5 percent from 0.7 percent.

On the contrary, the index of the following exhibited a higher annual increase during the month:
a.    Alcoholic beverages and tobacco, 3.8 percent from 3.7 percet;
b.    Housing, water, electricity, gas and other fuels, 4.2 percent from 3.5 percent;
c.    Furnishings, household equipment and routine household maintenance, 5.0 percent from 4.7 percent;
d.    Health, 5.0 percent from 4.7 percent; and
e.    Recreation, sport and culture , 0.5 percent from 0.4 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 September 2024 overall inflation were the following:
a.    Housing, water, electricity, gas and other fuels with 83.0 percent share or 1.25 percentage point; 
b.    Health with 11.4 percent share or 0.17 percentage points; and 
c.    Food and non-alcoholic beverages with 11.3 percent share or 0.17 percentage points.

Food Inflation

Food inflation at the provincial level eased to -2.0 percent in September 2024 from 1.5 percent in the previous month. In September 2023, food inflation was higher at 14.4 percent. (Table C)

Main Drivers to the Downward Trend of Food Inflation

The deceleration of food inflation in September 2024 was primarily brought about by the slower inflation rate of vegetables, tubers, plantains, cooking bananas and pulses with -28.6 percent from -15.1 percent. This was followed by cereals and cereal products with 6.5 percent from 11.4 percent and ready-made food and other food products with 5.2 percent from 6.0 percent.
Moreover, lower inflation rates during the month were noted in the following food groups:
a.    Meat and other parts of slaughtered animals, 4.2 percent from 4.3 percent; and
b.    Milk, other dairy products and eggs, 2.0 percent from 2.4 percent.
In contrast, the following commodity groups registered higher inflation rates during the month:
a.    Fish and other seafood, -1.3 percent from -3.0 percent;
b.    Oils and fats, -0.5 percent from -0.8 percent;
c.    Fruits and nuts, 6.0 percent from 5.9 percent; and
d.    Sugar, confectionery and desserts, -1.5 percent from -2.2 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.    Cereals and cereal products, which includes rice, corn, flour, bread and other bakery products, pasta products, and other cereals, -24.19 percentage points; 
b.    Meat and other parts of slaughtered land animals with a share of -11.41 percentage point; and
c.    Fruits and nuts with a share of 4.93 percentage point.

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