Guimaras inflation rate slows to 6.2 percent in June

The inflation rate in Guimaras province eased to 6.2 percent in June 2024, down from 7.0 percent in May, according to the latest data from the Philippine Statistics Authority (PSA).

This brought the provincial average inflation from January to June 2024 to 6.3 percent.

Provincial Statistics Officer Nelida B. Losare highlighted the significant factors contributing to this downtrend.

“The downtrend in the overall inflation in June 2024 was primarily influenced by the gradual year-on-year decrease in the heavily weighted Food and Non-Alcoholic Beverages at 9.4 percent during the month, from 11.1 percent in May 2024. This was driven by the slower price movement on cereals and cereal products, specifically on rice, which saw an inflation decrease to 26.7 percent in June from 31.6 percent a month ago,” Losare explained.

Losare also noted the impact of other sectors on the overall inflation rate.

“The sluggish annual growth rate of the Furnishings, Household Equipment, and Routine Household Maintenance index at 2.7 percent in June 2024 from 3.8 percent in the previous month, pushed by the slow-moving price on Goods and Services for Routine Household Maintenance with 3.6 percent inflation, also contributed to the downtrend of the overall inflation.”

Additionally, the inflation rate for Alcoholic Beverages and Tobacco decreased to 5.4 percent in June from 5.9 percent in May, contributing to the lower overall inflation. Other sectors that showed declining inflation rates included Personal Care and Miscellaneous Goods and Services (3.0% to 2.7%), Clothing and Footwear (2.1% to 1.8%), Health (7.5% to 7.2%), Information and Communication (0.2% to 0.0%), and Recreation, Sport, and Culture (11.0% to 10.6%).

Conversely, the commodity groups of Housing, Water, Electricity, Gas, and Other Fuels and Transport experienced faster inflation rates in June, increasing to 1.7 percent from 1.1 percent and to 3.8 percent from 3.6 percent, respectively.

Losare also provided insights into the core inflation rate, which excludes selected food and energy items. “Core inflation increased to 3.5 percent in June 2024 from 3.8 percent in the previous month. However, it was higher at 5.3 percent in June 2023,” she noted.

“The Purchasing Power of the Peso (PPP) in Guimaras remained constant at 0.76 in June 2024. This indicates that one peso in 2018 is now worth 0.76 centavos, recording a devaluation of 0.04 percent from 0.80 PPP in June 2023,” Losare added.

The data underscores the province’s ongoing efforts to manage inflation and ensure economic stability for its residents. For more detailed information, residents and interested parties are encouraged to refer to the full report released by the PSA.

LEAVE A REPLY

Please enter your comment!
Please enter your name here