The inflation rate for low-income households in Guimaras slowed to 5.1% in October 2024, a decrease from 6.0% in September 2024, according to the latest report from the Philippine Statistics Authority (PSA).
“This marks a deceleration from the 6.0% inflation rate recorded in October 2023. However, the year-to-date inflation rate for the province remains high at 7.2%, reflecting the ongoing pressures faced by low-income families,” Provincial Statistics Officer Nelida B. Losare said.
Losare explained that the decline in October was driven by slower price movements in key sectors, including housing, utilities, food, and non-alcoholic beverages.
The inflation rate for Housing, Water, Electricity, Gas, and Other Fuels dropped significantly, from 13.7% in September to 8.8% in October. This was largely due to a sharp reduction in electricity inflation, which fell to 36.9% in October 2024 from 59.8% in September.
Food and Non-Alcoholic Beverages inflation eased to 6.2% in October from 6.6% in September, driven by slower price increases for pork, which fell to 16.8% from 22.6% the previous month.
Clothing and Footwear inflation also slowed, declining from 1.2% in September to just 0.1% in October, attributed to reduced price growth in garments for men and boys.
Other sectors, such as Alcoholic Beverages and Tobacco, Recreation, and Personal Care, saw slower price increases as well, indicating broader stabilization across various commodities.
However, certain groups experienced faster inflation in October compared to September. Health inflation rose to 2.8% from 2.4%, Transport moved to -3.9% from -4.9%, and Information and Communication surged to 5.5% from 3.4%.
Key Contributors to Inflation
The main drivers of inflation for Guimaras’ bottom 30% income households in October were:
-Food and Non-Alcoholic Beverages, contributing 72.1% to overall inflation, with a 3.68 percentage point increase.
-Housing, Water, Electricity, Gas, and Other Fuels, contributing 19.5%, with a 1.58 percentage point increase.
-Restaurants and Accommodation Services, contributing 3.4%, with a 0.17 percentage point increase.
Regional Inflation Trends
Across Western Visayas, inflation trends varied. Guimaras recorded one of the highest inflation rates in the region, while other provinces like Capiz and Negros Occidental reported more stable rates. In contrast, Aklan and Antique continued to face higher inflationary pressures, adding strain to low-income households.
“The decrease in Guimaras’ inflation for low-income households in October 2024 offers modest improvement, though inflation remains a significant concern for vulnerable families in the province,” Losare said.
She emphasized the need for targeted interventions and close monitoring to support those most affected by fluctuating prices.
The Consumer Price Index (CPI) for the bottom 30% income households in Guimaras was 134.2 in October, meaning a typical household needed PHP 1,342.00 to purchase a basket of goods and services that cost PHP 1,000.00 in 2018.
“This is slightly lower than the 135.3 CPI in September 2024 but higher than the 127.7 CPI recorded in October 2023,” Losare noted.
Losare reiterated that measuring inflation for low-income households aims to assess their well-being, as these families are particularly vulnerable to economic and social difficulties.
For more details on inflation trends in Guimaras and Western Visayas, visit the PSA website.
