Guimaras province’s inflation rate slowed to 4.7% in September, down from 5.5% in August, according to the Philippine Statistics Authority (PSA). This brought the province’s average inflation to 6.1% for the third quarter of 2024.
“The downtrend in inflation in September 2024 was mainly due to a reduced year-on-year price change in Food and Non-Alcoholic Beverages, which reached 5.3% for the month, down from 7.0% in August,” said Provincial Statistics Officer Nelida B. Losare.
Losare noted that declines in Transport prices, which fell by -5.0% in September compared to -1.3% in August, and Education Services, which dropped to 0.0% from 5.1% in August, also contributed to the overall inflation slowdown.
Food groups accounted for 64.5% of the decline in September’s inflation rate, while Transport and Education Services contributed 19.9% and 5.5%, respectively.
“From August and September 2024, the price changes in Food, Transport, and Education Services were driven primarily by slower price movements in pork (fresh, chilled, or frozen) with a rate of 22.6% from 35.7%, gasoline at -18.9% from -10.4%, and secondary education services, which remained at 0.0% inflation from 6.4%,” Losare explained.
Other commodity groups also saw decreased inflation in September, including Clothing and Footwear at 1.1% from 2.1% in August; Furnishings, Household Equipment, and Routine Household Maintenance at 0.7% from 1.7%; Health at 6.9% from 7.0%; Recreation, Sport, and Culture at 8.8% from 11.8%; Restaurants and Accommodation Services at 5.2% from 5.3%; and Personal Care and Miscellaneous Goods and Services at 2.1% from 2.3%.
In contrast, faster inflation rates were noted in Alcoholic Beverages and Tobacco at 4.7% from 4.6%; Housing, Water, Electricity, Gas, and Other Fuels at 10.2% from 6.2%; and Information and Communication at 2.4% from 2.0%.
“Only Financial Services retained its inflation rate level with 0.0%,” Losare said.
The top three commodity groups driving Guimaras’s overall inflation rate in September 2024 were Food and Non-Alcoholic Beverages, contributing a 55.3% share or 2.6 percentage points; Housing, Water, Electricity, Gas, and Other Fuels at 33.7% or 1.58 percentage points; and Restaurants and Accommodation Services at 5.3% or 0.25 percentage points.
Losare also highlighted a decline in core inflation, which excludes selected food and energy items, dropping to 2.2% in September from 3.0% in August. This marks a decrease from 4.2% in September 2023.
“The inflation rate represents the change in the Consumer Price Index (CPI), calculated by comparing indices to the same period in the previous year or month. Currently, Guimaras has a CPI of 132.7, meaning a typical Guimarasnon household needs PHP1,327 in September 2024 to purchase a basket of goods and services worth PHP1,000 in 2018,” Losare clarified.
The Purchasing Power of the Peso (PPP) in Guimaras remained at 0.75 in September 2024. “This indicates that one peso in 2018 is now worth 0.75 centavos, reflecting a devaluation from the 0.79 PPP recorded in September 2023,” Losare added.
