Table 1. Year-on-Year Inflation Rates: Philippines, MIMAROPA, and Romblon 2022-2024 : All Items in Percent (2018=100) 

Source: Philippine Statistics Authority, Retail Price Survey of Commodities

The headline inflation rate of Romblon slowed down to 3.9 percent in 2024, compared to the 7.2 percent recorded in 2023. Compared to 2022, the inflation rate in 2024 is faster than the 3.5 percent recorded.

The inflation trend in 2024 was primarily brought by the slowing down of the year-on-year growth rate in the indices of the following commodity groups:

•    Food and Non-alcoholic Beverages, 4.9% (56.5% share to inflation trend)    
•    Alcoholic Beverages and Tobacco, 7.0% (5.9% share to inflation trend)    
•    Clothing and Footwear, 2.9% (7.1% share to inflation trend)    
•    Furnishing, Household Equipment, and Routine Maintenance of the House, -3.7% (7.0% share to inflation trend)    
•    Health, 1.7% (1.2% share to inflation trend)    
•    Transport, -0.8% (5.1% share to inflation trend)    
•    Information and Communication, -0.3% (0.8% share to inflation trend)    
•    Recreation, Sports and Culture, 3.6% (1.6% share to inflation trend)    
•    Education Services, 1.5% (0.0% share to inflation trend)    
•    Restaurant and Accommodation Services, 8.3% (8.0% share to inflation trend)    
•    Financial Services, -11.1% (0.1% share to inflation trend)    
•    Personal Care, and Miscellaneous Goods and Services, 2.6% (7.8% share to inflation trend)

On the other hand, Housing, Water, Electricity, Gas and Other Fuels showed acceleration of its year-on-year growth rate to 3.1% from 0.7% in 2023.

Table 2 shows that the year-on-year price index for all items in the province was computed at 3.9 percent (127.2 to 132.1). It also shows that Restaurant and Accommodation Services registered the highest increment with reference to the price situation in the previous year which was increased by 8.3 percent (136.6 to 147.9). It was followed by Alcoholic Beverages and Tobacco with 7.0 percent (183.2 to 196.0), Food and Non-alcoholic Beverages with 4.9 percent (129.8 to 136.1), Furnishing, Household Equipment and Routine Household Maintenance with 3.7 percent (132.4 to 137.3), Recreation, Sports and Culture with 3.6 percent (117.3 to 121.5), Housing, Water, Electricity, Gas and Other Fuels with 3.1 percent (113.3 to 116.8), Clothing and Footwear with 2.9 percent (121.8 to 125.4), Personal Care and Miscellaneous Goods and Services with 2.6 percent (119.1 to 122.2), Health with 1.7 percent (124.3 to 126.4), and Education Services with 1.5 percent (103.2 to 104.8).

On the other hand, commodity groups with decreased observed price situation includes Financial Services with -11.1 percent (100.0 to 88.9), Transport with -0.8 percent (136.8 to 135.7), and Information and Communication with -0.3 percent (108.4 to 108.1).

The average monthly CPI for all income households in the province in 2024 was recorded at 132.1, increased by 3.9 percent from the price level of the past year (127.2).

Table 2. Consumer Price Index by Commodity Group for All Income Households (2018=100)

Source: Philippine Statistics Authority, Retail Price Survey of Commodities

Meanwhile, Figure 2 shows the Consumer Price Indices of different commodity groups in 2024. The commodity group of Alcoholic Beverages and Tobacco registered 196.0, the highest value of the CPI in the province during the period. It was followed by Restaurant and Accommodation Services (147.9) and Furnishing, Household Equipment, and Routine Maintenance of the House (137.3).

Source: Philippine Statistics Authority, Retail Price Survey of Commodities

Purchasing Power of Peso

CPI is further used in the computation of Purchasing Power of Peso (PPP). PPP measures the “true” value of money using a given base year.  

In 2024, the PPP was calculated to have a value of P0.76 on the average, which means that P1.00 in 2018 is only worth 76 centavos. Also, on the average, an individual needs P132.10, or P32.10 more, to buy the same basket of goods that was worth P100.00 in 2018.     
 

(SGD) ENGR. JOHNNY F. SOLIS 
Chief Statistical Specialist