Guimaras Rice Prices Fuel 9.0% Food Inflation

Guimaras experienced a sharp rise in food inflation n February 2024 at 9.0% against anuary’s 6.3%.

The surge is attributed primarily to the significant increase in the retail price of rice, which saw a 24.7% rise in inflation, outpacing the previous month’s 18.4%. This information comes from the latest price statistics issued by the Philippine Statistics Authority (PSA).

“The past 13 months have seen fluctuating rice inflation in Guimaras, but notably, prices have escalated steadily from the last quarter of 2023 through February 2024,” stated Nelida B. Losare, Provincial Statistics Officer.

Losare further explained, “Rice, falling within the cereals and cereal products category, has the most pronounced impact on inflation, contributing 60.6% to the overall trend and accounting for 70.0% of February’s food inflation in Guimaras.”

Meat and other land animal parts experienced a 14.4% inflation, becoming the second major factor with a 19.9% share and a 17.4% contribution to February’s food inflation, influenced by the rising retail costs of pig meat, whether fresh, chilled, or frozen, which inflated by 32.7%.

“Vegetables, tubers, plantains, cooking bananas, and pulses saw a deflation of 6.5% and held a 10.4% share in the overall inflation trend. Conversely, fish and other seafood had a lesser yet substantial impact, contributing an 8.4% decrease in inflation, despite a 4.1% inflation rate for these items,” Losare added

Moreover, food inflation for low-income households rose to 9.6% in February from 6.8% in January 2024 among the bottom 30% income bracket.

Of the six provinces in Western Visayas, Guimaras posted the highest food inflation rate in February 2024. Antique followed with an 8.9% inflation rate, and Aklan saw a 7.6% increase.

“Negros Occidental registered the region’s lowest inflation at 3.6%, with Capiz and Iloilo experiencing a 4.1% and 3.6% rise in prices, respectively,” Losare noted.