The annual rate of change in food commodity prices went up to 9.4 percent in June, or 2.5 percentage points quicker than the 6.9 percent inflation in May 2022, based on the Retail Price Survey of Commodities for the Generation of Consumer Price Index of the Philippine Statistics Authority (PSA).
The top three heavily weighted food groups that drove year-on-year price increases in food items were rice (-1.7%) with the largest share of 31.0 percent, fruits and nuts (14.2%) with 26.1% contribution, and fish and other seafood (11.2%) chipping in 14.7%.
“Other food items that contributed to the food inflation shoot up in June 2022 were: Meat and other parts of slaughtered land animals (13.9%); Ready-made food and other food products n.e.c (6.0%); Oils and fats (18.6%); Flour, Bread and Other Bakery Products, Pasta Products, and other Cereals (5.4%); Milk, and other dairy products and eggs (5.2%); Sugar, confectionery, and desserts (15.0%) and Corn (16.1%),” Provincial Statistics Officer Nelida B. Losare said.
Losare also explained that only the vegetables, tubers, plantains, cooking bananas, and pulses commodity group managed to slow down to 34.2 percent in June 2022 from 35.7 percent in May 2022.
The January and June 2022 food inflation got the highest year-on-year price changes at 9.4 percent since June 2021. (See Figure 1)
Figure 1. Headline Inflation Rates in Guimaras, Food Items: (June 2021-2022)
For the past thirteen months, food inflation rates showed increasing trends, beginning with -1.6 percent food inflation in June 2021 and constantly rising until it reached 5.4 percent inflation in December, the highest inflation level in seven months of 2021. (See Figure 1)
“In the first and sixth months of 2022, both inflation rates peaked at 9.4 percent – the highest since 2019. Then, it slowed to 3.2 percent in the second before gradually increasing to 4.4 percent in the third. Moreover, a record of 5.5 percent in the fourth and 6.9 in the fifth,” Losare said.
The average food price changes for the first six months of the current year stood at 6.5 percent, which was the highest average food inflation since 2019.
“The slowest average food inflation for the past three years was seen in 2021 at -0.3%, while the fastest at 6.5% was in 2022”, Losare said.
“The highest food inflation rate in 2022 was at 9.4% recorded in January and June, while the highest rate in 2019, was at 8.6% in the first three months, 5.1 percent in April 2020, and 5.4 percent in December 2021”, Losare added. (See Table 3)
