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

Source: Philippine Statistics Authority, Retail Price Survey of Commodities

The headline inflation rate of Romblon slowed down to 3.2 percent in August 2024, compared to the 4.1 percent computed in the previous month. Compared to the previous year, the inflation rate is also lower than the registered 7.4 percent in August 2023. The average inflation for the year was registered at 5.3 percent.

The inflation trend in August 2024 was primarily brought by the slowing down of the year-on-year growth rate in the indices of the commodity group such as: 

•    Food and Non-alcoholic Beverages, 4.1% (78.1% share to inflation trend) 
•    Alcoholic Beverages and Tobacco, 4.9% (4.1% share to inflation trend) 
•    Clothing and Footwear, 1.2% (0.9% share to inflation trend) 
•    Housing, Water, Electricity, Gas and Other Fuels, 3.7% ( share to inflation trend) 
•    Furnishing, Household Equipment, and Routine Maintenance of the House, 2.9% (2.2% share to inflation trend) 
•    Health, 1.8% (1.7% share to inflation trend) 
•    Transportation, -1.4% ( share to inflation trend) 
•    Recreation, Sports and Culture, 2.9% (2.4% share to inflation trend) 
•    Education Services, 0.1% ( share to inflation trend) 
•    Restaurant and Accommodation Services, 6.2% (4.0% share to inflation trend) 
•    Personal Care, and Miscellaneous Goods and Services, 1.4% (6.6% share to inflation trend)

On the other hand, Information and Communication (0.1%) showed faster inflation rate compared to its previous month’s rate. Meanwhile, Financial Services (-11.1%) remained at its previous month’s rate.

In the past 12 months, the highest inflation rate was observed in the month of September 2023 computed at 9.7 percent while the lowest was observed in April 2024 at 5.6 percent (Figure 1).

Figure 1. 1-Year Monthly Inflation Rate of Romblon: September 2023 – August 2024

Source: Philippine Statistics Authority, Retail Price Survey of Commodities

Table 2 shows that the month-on-month price index for all items in the province increased by 0.2 percent (131.7 to 137.9). It also shows that Recreation, Sport an Culture registered the highest increment with reference to the price situation in the previous month, increased by 1.1 percent (121.0 to 122.3). It was followed by the observed price situation of Personal Care and Miscellaneous Goods and Services with 0.8 percent (121.4 to 122.4), Restaurant and Accommodation Services with 0.6 percent (147.8 to 148.7), Furnishings, Household Equipment and Routine Household Maintenance with 0.5 percent (136.2 to 136.9), Alcoholic Beverages and Tobacco with 0.4 percent (195.7 to 196.4), Food and Non-alcoholic Beverages with 0.2 percent (135.0 to 135.3) and Health with 0.2 percent (126.1 to 126.3).

On the other hand, commodity groups that showed decreased indices include House, Water, Electricity, Gas and Other Fuels with -0.4 percent (117.8 to 117.3), and Transportation with -0.1 percent (136.2 to 136.0).  Meanwhile, there is no observed month-on-month changes in average prices of Clothing and Footwear, Education Services, and Financial Services.

The average monthly CPI for all income households in the province in August 2024 was recorded at 131.9, increased by 3.2 percent from the price level on the same month of the past year (127.8).

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 August 2024. The commodity group of Alcoholic Beverages and Tobacco registered 196.4, the highest value of the CPI in the province during the period. It was followed by Restaurant and Accommodation Services (148.7) and Furnishing, Household Equipment and Routine Maintenance of the House (136.9).

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 August 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 P131.90, or P31.90 more, to buy the same basket of goods that was worth P100.00 in 2018.

 

(SGD) JOHNNY F. SOLIS 
Chief Statistical Specialist