The inflation rate in Guimaras province surged to 7.2% in March, marking an increase from the 5.9% recorded a month earlier. This spike is attributed to the rapid fluctuations in prices across various food commodity groups, which experienced a significant inflation rate of 10.8% in March 2024 compared to 9.0% in the previous month.
This data comes directly from the latest price statistics released by the Philippines Statistics Authority (PSA).
“Food and Non-Alcoholic Beverages stand out as the primary drivers of the 7.2% inflation (all items) in Guimaras for March, accounting for 10.3% and a significant share of 68.9% to the inflation trend, which collectively contributed 74.0% to the overall inflation of Guimaras,” said Provincial Statistics Officer Nelida B. Losare.
“Housing, Water, Electricity, Gas, and Other Fuels, with a 1.5% inflation rate, ranked as the second major cause of the inflation trend, chipping in a 15.4% share, while Restaurant and Accommodation Services with 13.7% inflation contributed 9.7% to the March inflation,” Losare added.
Losare also shed light on the multifaceted inflation spike in Guimaras, highlighting that the Transport sector’s 0.8% inflation contributed 11.8% to the trend, while Alcoholic Beverages and Tobacco’s 9.7% inflation added 4.8% to the overall March inflation.
Food and Non-Alcoholic Beverages saw a 10.3% inflation rate, chiefly driven by a 26.1% rise in the cost of Cereals and cereal products, which alone accounted for 47.1% of the trend and 54.2% of overall inflation.
Housing, Water, Electricity, Gas, and Other Fuels experienced a 1.5% inflation, with electricity prices jumping by 9.1%. Transport inflation was mainly driven by a significant increase in gasoline prices, despite a -0.2% change from the previous month’s -7.2% rate, Losare explained.
Furthermore, Restaurant and Accommodation Services inflation stood at 13.7%, propelled by a 9.5% increase in Food and Beverage Serving Services. Alcoholic Beverages and Tobacco’s inflation was notably affected by the high retail price of Cigarettes, which rose by 11.0%.
The report also indicated that out of 13 commodity groups, four showed a declining trend in inflation from February to March 2024, specifically in the sectors of Alcoholic Beverages and Tobacco; Clothing and Footwear; Furnishings, Household Equipment and Routine Household Maintenance; and Health, as detailed in table 2.
“Inflation Rate is the rate of change in the Consumer Price Index (CPI), which is calculated by comparing the indices to the same period in the previous year or month. Currently, Guimaras Province has posted a 133.0 CPI. This indicates that a typical household in Guimaras needs 1,330.00 pesos in March 2024 to purchase the same basket of goods and services that cost 1,000 pesos in 2018. This is 0.5 and 8.9 percent higher than the 132.5 CPI in February 2024 and 124.1 CPI in March 2023, respectively,” clarified Losare.
Furthermore, Losare added, “The Purchasing Power of the Peso (PPP) in Guimaras at 0.75 in March 2024 indicates that one peso from 2018 is now equivalent to 0.75 centavos, representing a devaluation of 0.06 from the 0.81 PPP in March 2023.”
