GUIMARAS – Food inflation or escalation of food prices in Guimaras province eased to 7.3% in August 2024, a significant drop from the 11.4% recorded in July, according to the latest data from the Philippine Statistics Authority (PSA).
The slowdown was driven by lower prices in essential commodities such as cereals, rice, and vegetables.
“Aside from cereals and cereal products with an inflation of 18.7%, which is lower compared to 22.3% last month, vegetables, tubers, and plantains also contributed to the downtrend. These categories recorded a -4.0% inflation in August, significantly slower than the 12.7% in July,” said Provincial Statistics Officer Nelida B. Losare.
The most notable price drop was seen in rice, with inflation slowing to 23.8% in August from 28.5% in July, reflecting a broader trend of easing food costs.
Vegetables such as pumpkins, squash, and gourds also saw reduced inflation, dropping from 28.7% to 7.2%.
- Fish Prices Contribute to Overall Slowdown
In addition to grains and vegetables, the prices of fish and other seafood items also played a significant role in curbing inflation.
“The inflation for fish and other seafood slowed to -1.1% in August, from 2.6% in July, largely due to a 2.7% inflation rate for pelagic fish,” Losare explained.
Cereals and cereal products contributed 35.2% to the decline in food inflation, while vegetables and seafood accounted for 30.7% and 21.1%, respectively.
- Other Food Items Show Mixed Trends
While many food categories saw easing price pressures, some items experienced faster inflation. Fruits and nuts, for example, saw a sharp increase, rising to -4.1% in August from -9.7% in July.
However, the prices of meat, dairy, and ready-made food products continued their downtrend. Meat inflation dropped to 17.5%, down from 19.4%, while milk and dairy products recorded inflation of 2.6%, down from 4.1% in July.
- Regional Comparison and Core Inflation
Across Region VI, Iloilo registered the highest food inflation rate, followed by Capiz. Guimaras ranked third, while the provinces of Negros Occidental and Aklan saw lower food inflation rates.
Additionally, core inflation—which excludes selected volatile food items—declined to 3.2% in August, down from 5.6% in July. The current figure is also significantly lower than the 10.6% core inflation rate recorded in August 2023.
