SPECIAL RELEASE

September 2024 Inflation Report of Oriental Mindoro (Base Year: 2018)

Table 1. Year-on-Year Inflation Rates (%) in the Philippines, MIMAROPA Region, and Oriental Mindoro Province, All Items (2018=100)

Figure 1. Year-on-Year Inflation Rates (%) in Oriental Mindoro: September 2023 to September 2024 (2018=100)

Headline Inflation

Oriental Mindoro’s headline inflation or the overall inflation slowed down further to 1.4 percent in September 2024 from 3.4 percent in August 2024. This brings the provincial average inflation from January to September 2024 at 2.9 percent. In September 2023, inflation rate in the province was higher at 7.5 percent.

Main Drivers to the Downward Trend of the Headline Inflation

The downtrend in the overall inflation in September 2024 was primarily brought about by the slower annual increment in the index of housing, water, electricity, gas and other fuels at 1.6 percent in September 2024 from 6.4 percent in the previous month. Also contributing to the downtrend was food and non-alcoholic beverages with a slower inflation rate of 1.2 percent during the month from 2.3 percent increase in August 2024. In addition, transport recorded an annual drop of 3.6 percent during the month from 0.7 percent decline in August 2024.

Figure 2. Year-on-Year Inflation Rates (%) in Oriental Mindoro by Commodity Group (2018=100)

Lower annual increments were also noted in the indices of the following commodity groups during the month:

a. Restaurants and accommodation services, 8.0 percent from 9.6 percent; 

b. Furnishings, household equipment and routine household maintenance, 0.6 percent from 1.2 percent;

c. Information and communication, 1.7 percent from 1.9 percent;

d. Health, 4.5 percent from 4.6 percent; and

e. Education services, 0.5 percent from 0.7 percent. 

On the contrary, the following exhibited higher annual increment during the month:

a. Alcoholic beverages and tobacco, 2.2 percent from 2.1 percent;

b. Clothing and footwear, 1.5 percent from 1.4 percent;

c. Recreation, sport and culture, 1.3 percent from 1.2 percent; and

d. Personal care, and miscellaneous goods and services, 2.4 percent from 2.0 percent.

The indices of financial services retained its annual rate of -0.1 percent.

Main Contributors to the Headline Inflation 

The top three commodity groups contributing to the September 2024 overall inflation of the province were the following: 

• Food and non-alcoholic beverages, 38.7 percentage share or 0.54 percentage point;

• Restaurants and accommodation services, 33.2 percentage share or 0.47 percentage point; and

• Housing, water, electricity, gas and other fuels, 21.1 percentage share or 0.29 percentage point.

Food Inflation 

Food inflation in Oriental Mindoro eased to 1.1 percent in September 2024 from 2.3 percent in the previous month. In September 2023, food inflation was higher at 8.6 percent.

Main Drivers to the Downward Trend of Food Inflation 

The deceleration of food inflation in September 2024 was primarily brought about by the slower inflation rate of meat and other parts of slaughtered land animals with 8.7 percent in September 2024 from 8.9 percent in the previous month. This was followed by rice with a slower year-on-year increase of 1.6 percent during the month from 5.6 percent annual increase in September 2024.

Moreover, slower annual decrements were noted during the month in the indices of vegetables, tubers, plantains, cooking bananas and pulses at 10.8 percent, and sugar, confectionery and desserts at 5.9 percent from their respective year-on-year decreases of 3.0 percent and 4.6 percent in August 2024.

In contrast, the following commodity groups registered higher inflation during the month:

a. Fish and other seafood, -4.8 percent from -5.7 percent;

b. Milk, other dairy products and eggs, 1.4 percent from 1.3 percent;

c. Oils and fats, -1.2 percent from -2.3 percent; and

d. Fruits and nuts, 12.9 percent from 6.1 percent.

The indices of the following retained its August 2024 annual rates:

a. Corn at -8.8 percent;

b. Flour, bread and other bakery products, pasta products and other cereals at 1.8 percent; and

c. Ready-made food and other food products n.e.c. at 6.3 percent.

INFLATION RATE BY FOOD GROUP

Figure 3. Year-on-Year Inflation Rates (%) in Oriental Mindoro by Food Group (2018=100)

Purchasing Power of the Peso

The Purchasing Power of Peso (PPP) in Oriental Mindoro is at Php 0.74 in September 2024. The PPP was registered at Php 0.75 in September 2023.

As a result, the amount of goods that could be presently purchased by consumers was less than when the PPP was higher. Furthermore, the decrease in PPP was attributed to the higher inflation rate, given that PPP and inflation rate have an inverse relationship.

Figure 4. Purchasing Power of Peso in Oriental Mindoro: September 2023 to September 2024 (2018=100)

(SGD) CHARLYN ROMERO-CANTOS
(Chief Administrative Officer)
Officer-in-Charge
Oriental Mindoro Provincial Statistical Office

HTD/JGO

Table 9. Consumer Price Index by Subgroup, Month-on-Month and Year-on-Year Percent Changes in Oriental Mindoro (2018=100)

TECHNICAL NOTES

Consumer Price Index is an indicator of the change in the average prices of a fixed basket of goods and services commonly purchased by households relative to a base year. 

• Market Basket is a sample of goods and services, which is meant to represent the totality of all the goods and services purchased by households relative to a base year. 

• To determine the commodities that will form the market basket for the 2018 based CPI, the Survey of Key Informants (SKI) was conducted in March 2021. The survey, which was conducted nationwide to store managers, sellers or proprietors, obtained information on the most commonly purchased of goods and availed of services by the households. 

• The commodities in the 2018-based CPI market basket are grouped/classified according to the 2020 Philippine Classification of Individual Consumption According to Purpose (PCOICOP) which is based on the United Nations COICOP. Meanwhile, the commodities in the 2012-based CPI market basket used the 2009 PCOICOP version of classification of commodities. 

• Base year is a reference period, usually a year, at which the index number is set to 100. It is the reference point of the index number series. The CPI is rebased from base year 2012 to base year 2018. 

• Inflation Rate is the annual rate of change or the year-on-year change in the Consumer Price Index (CPI). 

• Purchasing Power of Peso is a measure of the real value of the peso in a given period relative to a chosen reference period. It is computed by getting the reciprocal of the CPI and multiplying the result by 100